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Market Review:

Indian market benchmarks experienced a sharp decline on Monday, marking the fourth consecutive day of losses. Realty and metal stocks were particularly hard hit. The S&P BSE Sensex tanked 548.39 points or 0.70% to 77,311.80. The Nifty 50 index declined 178.35 points or 0.76% to 23,381.60.

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 23440. If nifty closes above that, further upside can be expected towards 23500-23570 mark. On the flip side 23300-23240 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 23440 and on a decisive close above expect a rise to 23500-23570 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 50470 levels on the upside and on a decisive close above expect a rise to 50740- 51000.There is an immediate support at 50000-49740 levels.

Technical Call Updates

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