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Market Review:

Indian market benchmarks opened higher but closed with minor losses on Monday amid a volatile session. While IT and metal stocks offered support, oil & gas and financial services stocks weighed on the indices. The S&P BSE Sensex fell 112.16 points, or 0.15%, to 73,085.94. The Nifty 50 index shed 5.40 points, or 0.02%, to 22,119.30.

Nifty Technical Outlook

Nifty is expected to open on a gap down note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 22000. If nifty closes below that, further downside can be expected towards 21940-21870 mark. On the flip side 22200-22300 will act as strong resistance levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 22000 and on a decisive close below expect a fall to 21940-21870 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 48140 levels on the downside and on a decisive close below expect a fall to 47770-47500 There is an immediate resistance at 48640-48870 level.

Technical Call Updates

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