Nifty50 extended its recovery for the second day in a row. The
Sensex advanced 170 points and the 50-share Nifty closed above its crucial
psychological level of 7,700 ahead of the US Federal Reserve meet which is due
to start later in the day. The
30-share index ended the day 25320, up 170 points, while broad-based 50-share
index closed at 7700, up 50 points. Market breadth turned positive with 18 of
the 30 Sensex components ending the day in green.
The US central bank is widely expected to raise interest
rates for the first time in almost a decade. The rally would further
extend if Nifty50 manages to convincingly breach past the 7,705 mark on a
closing basis. 7,800 would act as the first hurdle on the upside beyond which
we see Nifty racing towards the December high of 7,980 mark.
Nifty futures breached the 7650 support again, but the 7620 and 7575 support
has held on. The downswing will gather fresh momentum once these supports are
breached decisively and till such time, chance of pull back remain strong.
Though 7750 is the immediate resistance, the 7800-7830 is now a strong
resistance zone and must be crossed decisively for signalling a halt in the
selling and nifty futures must close above 7850 to signal strength.
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Resistance: 7730, 7780, 7830
Support: 7680, 7630, 7580
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