Nifty has an immediate resistance at 17,700. If Nifty closes above that, further upside can be expected towards 17,770-17,840 mark. On the flip side 17,550-17,470 will act as strong support levels
The Indian equity benchmarks were trading on a flat note on Monday as gains in index heavyweights like ICICI Bank, Reliance Industries, HDFC Bank, State Bank of India, HDFC and Axis Bank were offset with losses in ITC, Sun Pharma, Larsen & Toubro, Kotak Mahindra Bank and Tata Consultancy Services. The Sensex was trading in a range of 300 points and Nifty 50 index touched an intraday high of 17,709 and low of 17,620.
Nifty: On technical grounds, Nifty has an immediate resistance at 17,700. If Nifty closes above that, further upside can be expected towards 17,770-17,840 mark. On the flip side 17,550-17,470 will act as strong support levels.
Bank Nifty: Bank Nifty faces an immediate resistance around 42,370 levels on the upside and on a decisive close above expect a rise to 42,650-43,000. There is an immediate support at 41940-41740 levels.
Shriram Finance: Nirmal Bang's AVP technical research Swati Hotkar has recommended buying Shriram Finance above Rs 1,370 for target of Rs 1,430 with stop loss at Rs 1,340.
Balkrishna Industries: Nirmal Bang's AVP technical research Swati Hotkar has recommended buying Balkrishna Industries above Rs 2,054 with stop loss at Rs for target of Rs 2,120.
Bajaj Auto: Nirmal Bang's technical research analyst Ayush Mehta has recommended buying Bajaj Auto above Rs 4,345 for target of Rs 4,430 with stop loss at Rs 4,279.
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