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Market Review:

Indian markets ended almost flat on Monday. Negative global cues and foreign capital outflows dampened investor sentiments. IT, pharma and consumer durables stocks declined. On the other hand, PSU banks and oil & gas stocks advanced. The BSE Sensex, declined 51.10 points or 0.08% to 62,130.57. The Nifty 50 index rose 0.55 points or 0.01% to 18,497.15

Nifty Technical Outlook

Nifty is expected to open on a gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 18570. If nifty closes above that, further upside can be expected towards 18640/18770 mark. On the flip side 18400/18340 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 18570 and on a decisive close above expect a rise to 18640/18700 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 44000 levels on the upside and on a decisive close above expect a rise to 44200/44370. There is an immediate support at 43640/43400 levels

Technical Call Updates

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