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Market Review:

Indian markets extended their winning streak for a fourth day, with both Sensex and Nifty closing slightly higher on Monday. While oil & gas, banks, and financials led the gains, media, IT, and auto stocks saw some selling pressure. The S&P BSE Sensex, was up 66.14 points or 0.09% to 73,872.29. The Nifty 50 index added 27.20 points or 0.12% to 22,405.60.

Nifty Technical Outlook

Nifty is expected to open on flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate support at 22340. If nifty closes below that, further downside can be expected towards 22260-22200 mark. On the flip side 22440-22550 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 22340 and on a decisive close below expect a fall to 22260-22200 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 47480 levels on the downside and on a decisive close below expect a fall to 47280-47000. There is an immediate resistance at 47840-48000 levels.

Technical Call Updates

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