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Market Review:

Indian market indices closed with gains on Monday, led by a strong performance in the banking and financial services shares. However, the rally faced some resistance from the FMCG and auto sectors. The S&P BSE Sensex rallied 454.11 points or 0.59% to 77,073.44. The Nifty 50 index added 141.55 points or 0.61% to 23,344.75.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 23400. If nifty closes above that, further upside can be expected towards 23470-23540 mark. On the flip side 23270-23200 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 23400 and on a decisive close above expect a rise to 23470-23540 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 49770 levels on the upside and on a decisive close above expect a rise to 50000-50240 There is an immediate support at 49240-49000 levels.

Technical Call Updates

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