23 September 2015


After a dismal opening, markets staged recovery in noon trades and closed higher on renewed buying interest in beaten down bluechips particularly banks. After opening lower on Wednesday morning in line with global cues the Sensex recovered losses on buying in banking and FMCG stocks. A positive start in the European markets also lifted the sentiments. The Sensex closed 171 points higher at 25823 while Nifty gained 34 points to end at 7846.
Meanwhile, investors are keenly awaiting for the expiry of the September F&O series and roll over positions to the October series due tomorrow. Long term trend is still positive but short term trend is under pressure as the Nifty index corrected from 9191 to 7540 mark in last seven months with short built up and negative flows from FIIs. But as per the recent price behavior, now we are getting an early sign of bottoming out of the market as it tested 7550 zones but the short term trend would require index to cross and hold above 8000 zones to revisit 8181 and 8330 levels in next coming series.
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RESISTANCE: 7880, 7930, 7980
SUPPORT:  7830, 7780, 7730

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