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Market Review:

Indian market indices ended with significant losses on Monday. IT, healthcare and pharma shares advanced while media, PSU bank and realty stocks corrected. The S&P BSE Sensex, tumbled 523 points or 0.73% to 71,072.49. The Nifty 50 index declined 166.45 points or 0.76% to 21,616.05.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 21670. If nifty closes above that, further upside can be expected towards 21770-21840 mark. On the flip side 21540-21450 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 21670 and on a decisive close above expect a rise to 21770-21840 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 45300 levels on the upside and on a decisive close above expect a rise to 45800-46200 There is an immediate support at 44750-44500 levels.

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