29 January 2016


For the last few weeks Fridays have been a recovery day for weak markets. Once again what an incredible way to end the week, as Nifty surpassed the 7550 mark rising over 130 points while Sensex gained over 400 points today. Bulls are back on the driver series. F & O February series has started with positive note. The  Sensex ended 401 points higher in trade on Friday, while Nifty topped its key 7550-mark on the first day of the February derivative contracts. Sensex rallied 401 points to close at 24870, while Nifty climbed 139 points to settle at 7563.
For market it was technically an inside day, i.e. the range of the day was encompassed within that of the previous day. For nifty 7580-7600 regions remain the major hurdle which must be decisively crossed for fresh momentum. Till such time that this region is taken out, any rally may be considered as a pull back or of corrective in nature. On the lower side, 7450 is now an important support and if breached decisively will signal weakness. Below 7400 fresh bull offloading may be expected.
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Resistance :  7600 , 7,650
Support : 7,450, 7,400

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