29 December 2015


Bulls continue to rule the Indian benchmarks in line with its global partners. Government’s efforts to boost the economic growth have clearly started bearing fruits; thereby raising the confidence level of the common investors. Domestic investors continue to show their buying interest which helped the indices to continue their northward journey.The BSE Sensex and NSE Nifty closed on a flat note with marginal gains in a volatile trading session on Tuesday, while participation remained weak due to year-end holidays and the derivatives contracts expiry later this week. Sensex closed 45 points up at 26079, while Nifty settled 4  points up at 7928.
The 7987-7900 region is now an immediate and important support and as long as the 7880 level holds on declines, chances of a strong rally from here remain. On the higher side, though 7935 is the immediate resistance, the next major supply zone is now around 7980-8003 and fresh momentum may be expected if this region is decisively crossed. A close below 7820-7800, however, at this juncture will spell trouble for the bulls.
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RESISTANCE: 7950, 8000, 8050
SUPPORT:  7900, 7850, 7800

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