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Market Review:

Indian markets ended with deep losses on Monday as tensions flared in the Middle East following Iran's attack on Israel. Oil & gas sector was the only bright spot, as all other sectors bled red. Media, PSU banks, and financial services took a particularly hard hit.The S&P BSE Sensex slipped 845.12 points or 1.14% to 73,399.78. The Nifty 50 index lost 246.90 points or 1.10% to 22,272.50.

Nifty Technical Outlook

Nifty is expected to open gap down and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 22200. If nifty closes below that, further downside can be expected towards 22040-21900 mark. On the flip side 22340-22400 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 22200 and on a decisive close below expect a fall to 22040-21900 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 47470 levels on the downside and on a decisive close below expect a fall to 47070-46700. There is an immediate resistance at 47960-48340 levels.

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