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Market Review:

Indian benchmark closed higher on Monday, led by a rally in IT stocks. While large-cap IT stocks drove the day’s gains, mid- and small-cap shares gave up early advances, reflecting concerns over domestic demand headwinds. The Nifty 50 managed to hold above the 24,950 level at close. The S&P BSE Sensex advanced 329.06 points or 0.40% to 81,635.91. The Nifty 50 index rose 97.65 points or 0.39% to 24,967.75.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness negative move during the day. On technical grounds, Nifty has an immediate support at 24900. If Nifty closes below that, further downside can be expected towards 24840-24770 mark. On the flip side 25040-25100 will act as strong resistance levels.

Action: Nifty has an immediate Support at 24900 and on a decisive close below expect a fall to 24840-24770 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 55000 levels on the downside and on a decisive close below expect a fall to 54770-54500. There is an immediate resistance at 55500-55740 levels.

Technical Call Updates

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