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Market Review

Indian markets ended sharp decline on Monday. Numerous factors including negative global market trends, a surge in US bond yields, concerns regarding US interest rate hikes, and the Israel -Hamas conflict all contributed to increased uncertainty, ultimately dampening investor sentiment. The S&P BSE Sensex, was down 825.74 points or 1.26% to 64,571.88. The Nifty 50 index lost 260.90 points or 1.34% to 19,281.75

Nifty Technical Outlook

Nifty is expected to open positive note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 19370. If nifty closes above that, further upside can be expected towards 19480-19660 mark. On the flip side 19170-19070 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 19370 and on a decisive close above expect a rise to 19480-19660 levels

Bank Nifty

Bank Nifty faces an immediate resistance around 43330 levels on the upside and on a decisive close above expect a rise to 43660-44170. There is an immediate support at 42810-42480 levels

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