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Market Review:

Indian markets ended with strong gains on Monday. The Nifty50 settled above the 25,100 level led by IT and banks shares. However, metal and energy stocks declined. The S&P BSE Sensex jumped 591.69 points or 0.73% to 81,973.05. The Nifty 50 index added 163.70 points or 0.66% to 25,127.95.

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 25200. If nifty closes above that, further upside can be expected towards 25270-25350 mark. On the flip side 25000-24930 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 25200 and on a decisive close above expect a rise to 25270-25350 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 52300 levels on the upside and on a decisive close above expect a rise to 52640-53000 There is an immediate support at 51800-51500 levels.

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