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Market Review:

Indian markets extended their losing streak for the sixth consecutive session on Monday, as concerns over FIIs outflows and global geopolitical tensions weighed on investor sentiment. IT shares bucked the broader sell off. PSU banks, energy and metal shares tumbled. The S&P BSE Sensex dropped 638.45 points or 0.78% to 81,050. The Nifty 50 index slipped 218.85 points or 0.87% to 24,795.75.

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 24870. If nifty closes above that, further upside can be expected towards 25000-25140 mark. On the flip side 24700-24570 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 24870 and on a decisive close above expect a rise to 25000-25140 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 51240 levels on the upside and on a decisive close above expect a rise to 51500-51740 There is an immediate support at 50770-50540 levels.

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