It was a consolidation session for the market today, but the week was strong as equity benchmarks saw biggest weekly gains in 2016 on short covering and globally rally & oil recovery. The Sensex and Nifty swung between gains and losses on Friday and finally concluded the session in green on buying in last leg of the trade. Sensex closed 59 points up at 23709, while the NSE Nifty closed above 7200 level, up 19 points to 7210. Markets closed on a strong note extending yesterday’s gain on the back of firm European markets. Renewed buying interest by the foreign portfolio investors after long period of time and recovery in global commodity prices boosted the sentiment of the investors. Market breadth turned positive with 18 of the 30 Sensex components ending the day in green.
On the upside, 7245 through 7275 would be the first supply
zone to watch out for—once this range is taken out we can expect another dash
at the 7300 or higher levels. Further up, resistance is likely to be felt
between 7335 and 7377. On the other hand, if it were to go down below 7200 and
sustain there it is likely to get good support between 7177 and 7135.
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Resistance: 7250, 7300, 7350
Support: 7200, 7150, 7100
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