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Market Review:

Indian markets ended with significant losses on Monday. Shares fell across the board with banks and financials correcting the most. The Nifty closed above the 14,350 level. The barometer index, the S&P BSE Sensex, dropped 882.61 points or 1.81% to 47,949.42. The Nifty 50 index tumbled 258.40 points or 1.77% to 14,359.45

Nifty Technical Outlook

Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 14430. If nifty closes above that, further upside can be expected towards 14500-14600 mark. On the flip side 14240-14120 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.

Action: Nifty has an immediate resistance placed at 14430 and on a decisive close above expect a rise to 14500-14600 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 31570 levels on the upside and on a decisive close above expect a rise to 32000-32470. There is an immediate support at 30700-30200 levels.

Technical Call Updates

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