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Market Review:

Indian markets advanced on Monday, clawing their way back after last week's selloff. PSU banks, consumer durables, and healthcare led the charge.The S&P BSE Sensex jumped 560.29 points or 0.77% to 73,648.62. The Nifty 50 index gained 189.40 points or 0.86% to 22,336.40.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness range bound 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 22470-22540 mark. On the flip side 22270-22200 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 22470-22540 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 48140 levels on the upside and on a decisive close above expect a rise to 48300-48540 There is an immediate support at 47700-47440 levels.

Technical Call Updates

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