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Market Review:

Indian benchmark ended marginally lower on Monday, extending their losing streak to a seventh straight session. The Nifty closed below the 24,650 level, weighed down by weakness in private banks and consumer durables, while PSU banks and energy stocks outperformed. The S&P BSE Sensex slipped 61.52 points, or 0.08%, to 80,364.94. The Nifty 50 declined 19.80 points, or 0.08%, to 24,634.90. Over the seven sessions, the Sensex has dropped 3.19% and the Nifty has lost 3.10%.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate Resistance at 24700. If Nifty closes above that, further upside can be expected towards 24770-24840 mark. On the flip side 24570-24500 will act as strong support levels.

Action: Nifty has an immediate Resistance at 24700 and on a decisive close above expect a rise to 24770-24840 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 54800 levels on the upside and on a decisive close above expect a rise to 55000-55240. There is an immediate support at 54300-54070 levels.

Technical Call Updates

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