The S&P BSE Sensex kicked off year 2016 on a
flat note. The BSE Sensex and NSE Nifty continued their dull trade throughout
the day and closed on a flat note on Friday in the absence of any major
triggers. Participation in the domestic markets remained weak on Day 1 of
January F&O series as most of global equity markets stayed closed to
observe New Year's Day. The 30-share index ended the day at 26160, up 43
points, while broad-based 50-share index quoted 7963, up 16 points at close. Market
breadth remained positive with 17 of the 30 Sensex components ending the day in
green. The BSE Sensex opened at 26101, touched an intra-day high of 26197 and
low of 26008. It finally ended with a gain of 43 points at 26161. The
NSE Nifty opened at 7938 hitting a high of 7973 and low of 7909, before ending
with a gain of 17 points at 7963.
Investors back home are now looking towards the second week
of January for signs of a recovery in corporate balance sheets when Indian
companies report quarterly earnings. IT, pharma will do well, private sector
banks in the second half of the year will do well and cement will do well on
infra spending. The 7890-7900 region is
now an immediate and important support and a breach of this region could lead
to further unwinding by the bulls and below 7865 level, the downswing is likely
to gain momentum. On the higher side, though 7995 is the immediate resistance
and 8020-8050 is the major supply zone, the 7990 region is an important
resistance which must be decisively crossed for maintain strength. A close
below 7960-7840, however, at this juncture will spell trouble for the bulls.
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RESISTANCE: 8000, 8050, 8100
SUPPORT: 7950, 7900, 7850
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