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Market Review:

Indian market extended its winning streak for the fifth consecutive session on Monday. Consumer durables, pharma and FMCG shares were in demand, while realty , PSU banks, IT stocks declined. The Sensex surged by 281.52 points (0.39%) to reach 72,708.16, while the Nifty climbed by 81.60 points (0.37%) to settle at 22,122.30.

Nifty Technical Outlook

Nifty is expected to open on flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 22070. If nifty closes above that, further downside can be expected towards 21950-21840 mark. On the flip side 22200-22280 will act as strong resistance levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 22070 and on a decisive close below expect a fall to 21950-21840 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 46400 levels on the downside and on a decisive close below expect a fall to 46160-45900. There is an immediate resistance at 46900-47120 levels.

Technical Call Updates

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