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Market Review

Indian market benchmarks closed modestly lower on Monday. Energy, metals, and FMCG shares were the primary decliners, while IT, consumer durables, and healthcare stocks managed to resist the downward trend. The S&P BSE Sensex, declined 319.22 points or 0.41% to 77,186.74. The Nifty 50 index lost 121.10 points or 0.52% to 23,361.05.

Nifty Technical Outlook

Nifty is expected to open on a gap up note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 23440. If nifty closes above that, further upside can be expected towards 23500-23570 mark. On the flip side 23300-23240 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 23440 and on a decisive close above expect a rise to 23500-23570 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 49740 levels on the upside and on a decisive close above expect a rise to 50000-50240 There is an immediate support at 49270-49000 levels.

Technical Call Updates

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