28 January 2016


Market ended flat amid a listless session as traders rolled over positions in the derivatives segment from January series to February series.  Further, the US Federal Reserve in a recently concluded two day policy review meet maintained a dovish stance and kept interest rates unchanged. The  sensex ended down by 23 points at 24470 and the Nifty50 settled at 7425, down by 13 points.
Nifty January series settled with loss of 6.50% at 7425 levels. In this series we have seen a sharp sell off from 7972 to 7241 for first four week of the series and volatility index surged from 13 to 22 levels. The Nifty has to hold above 7350 zones to witness an up move towards next crucial hurdle of 7539 and 7675 zones ahead of next trigger from Budget 2016, while holding below 7300 zones may fade out the hope of bounce back move and index may drift down towards recent low of 7250 then 7100 zones. Bears are still intact and keeping their grip but the way most of the heavy weights are trading at their oversold territory a bounce move cannot be ruled out.
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Supports: 7,400, 7,350
Resistances: 7,500, 7,545

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