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Market Review:

Indian markets indices concluded Monday's trading session with modest declines. While the realty sector rallied, metal and IT stocks experienced downward pressure. The S&P BSE Sensex dropped 384.55 points or 0.47% to 81,748.57. The Nifty 50 index fell 100.05 points or 0.40% to 24,668.25.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24600. If nifty closes below that, further downside can be expected towards 24540-24470 mark. On the flip side 24740-24800 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 24600 and on a decisive close below expect a fall to 24540-24470 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 53540 levels on the downside and on a decisive close below expect a fall to 53300-53000 There is an immediate resistance at 54000-54270 level.

Technical Call Updates

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