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Market Review:

Indian market closed lower yesterday following last-hour selling, as investors maintain caution ahead of the Reserve Bank of India's ratesetting meeting this week. Pharma, oil & gas, and auto stocks witnessed a surge in demand. On the other hand, consumer durables and FMCG stocks experienced downward pressure. The S&P BSE Sensex tumbled 354.21 points or 0.49% to 71,731.42. The Nifty 50 index declined 82.10 points or 0.38% to 21,771.70.

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 21820. If nifty closes above that, further upside can be expected towards 21900/22000 mark. On the flip side 21670/21580 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 21820 and on a decisive close above expect a rise to 21900/22000 levels

Bank Nifty

Bank Nifty faces an immediate resistance around 46300 levels on the upside and on a decisive close above expect a rise to 46570/46780 There is an immediate support at 45800/45600 levels.

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