1 January 2016


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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