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Market Review:

Indian markets plunged on Monday, reversing a two-day rally. While banking and metal stocks took a beating, healthcare, pharma, and IT sectors bucked the trend and closed higher.The S&P BSE Sensex tumbled 616.75 points or 0.83% to 73,502.64. The Nifty 50 index fell 160.90 points or 0.72% to 22,332.65

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 22400. If nifty closes above that, further upside can be expected towards 22530-22600 mark. On the flip side 22250-22170 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 22400 and on a decisive close above expect a rise to 22530-22600 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 47840 levels on the upside and on a decisive close above expect a rise to 48200-48500 There is an immediate support at 47270-47000 levels.

Technical Call Update

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