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Market Review:

Indian market indices dipped on Monday, with the Nifty index closing below 23,650 after reaching an intraday high of 23,915.35. Healthcare and pharma stocks outperformed, while media, real estate, and automotive stocks declined. The S&P BSE Sensex declined 450.94 points or 0.57% to 78,248.13. The Nifty 50 index fell 168.50 points or 0.71% to 23,644.90

Nifty Technical Outlook

Nifty is expected to open on a gap down note and likely to witness selling pressure during the day. On technical grounds, Nifty has an immediate support at 23700. If nifty closes below that, further downside can be expected towards 23570-23440 mark. On the flip side 23840-24000 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 23700 and on a decisive close below expect a fall to 23570-23440 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 51000 levels on the downside and on a decisive close below expect a fall to 50670-50340 There is an immediate resistance at 51770-52000 level.

Technical Call Updates

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