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Market Review:

Indian markets eneded almost flat with negative bias on Monday, marking a third consecutive day of losses.While IT and banking stocks provided some support,weakness in autos,metals,and FMCG dragged the indices down.The S&P Sensex, was up 9.83 points or 0.01% to 79,496.15.The Nifty 50 index shed 6.90 points or 0.03% to 24,141.30.

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 24200. If nifty closes above that, further upside can be expected towards 24270-24340 mark. On the flip side 24070-24000 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 24200 and on a decisive close above expect a rise to 24270-24340 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 52470 levels on the upside and on a decisive close above expect a rise to 52740-53000 There is an immediate support at 51770-51500 levels.

Technical Call Updates

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