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Market Review:

Indian market benchmarks continued their losing streak for the fifth straight day on Monday. IT, metal, and energy stocks took a hit, while FMCG and auto shares found some takers, offering a silver lining in an otherwise gloomy session. The S&P BSE Sensex tumbled 856.65 points or 1.14% to 74,454.41. The Nifty 50 index dropped 242.55 points or 1.06% to 22,553.35.

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 support at 22470. If nifty closes below that, further downside can be expected towards 22400-22340 mark. On the flip side 22640-22700 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 22470 and on a decisive close below expect a fall to 22400-22340 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 48540 levels on the downside and on a decisive close below expect a fall to 48200-48000 There is an immediate resistance at 49000-49270 level.

Technical Call Updates

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