Today Outlook of Nifty & Bank Nifty

Nifty Outlook:-

The Nifty50 extended downtrend on first day of the week and closed below psychological 10,700 levels Monday as investors may be cautious ahead of Interim Budget to be announced on February 1 and expiry of January futures & options contracts on January 31. The index fell 1.2 percent last week.The sell-off in banking & financials, FMCG and Pharma stocks pulled the market sharply lower while the broader markets continued to under perform front liners.

Nifty Future Support-Resistance

R1/R2 11040/11190
S1/S2 10540/10385

Bank Nifty Outlook:-

Bank Nifty opened marginally higher to hit an intraday high of 27177.00, but immediately wiped out those early gains and gradually extended losses to touch a day’s low of 26646.90.index formed large bearish candle on the daily scale and could fall below 10,600 levels if it breaks crucial support of 10,630 levels in coming session.

Bank Nifty Future Support-Resistance

R1/R2 27540/27950
S1/S2 26200/25790

Technical Outlook:

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