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Market Review:

Indian Markets marginally lower on Monday, snapping a two-day winning streak. Weakness in IT, FMCG, and consumer durables stocks weighed on the indices, with the Nifty closing below the 25,250 level. The S&P BSE Sensex declined 173.77 points or 0.21% to 82,327.05. The Nifty 50 index fell 58 points or 0.23% to 25,227.35.

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 25280. If Nifty closes above that, further upside can be expected towards 25330-25400 mark. On the flip side 25160-25100 will act as strong support levels.

Action: Nifty has an immediate Resistance at 25280 and on a decisive close above expect a rise to 25330-25400 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 57000 levels on the upside and on a decisive close above expect a rise to 57170-57380. There is an immediate support at 56640-56420 levels.

Technical Call Updates

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