18 May 2016


Indian stock markets opened with a gap-down, tracking the weak global cues, specifically from the Asian markets. Nifty and Sensex opened 44 and 102 points down respectively. After opening lower whole day markets was trading range bound. Both the indices closed at lower side. Snapping two-session long gaining spree, the Sensex on Wednesday settled the day 69 points lower, while the broader  Nifty held below 7900-mark. The Sensex ended with a loss of 69 points at 25705. The Sensex opened at 25671 touched an intra-day high of 25747 and low of 25503. The Nifty closed with a loss of 21 points at 7870. The Nifty opened at 7847 hitting a high of 7882 and low of 7811.
Nifty is trading in consolidation since last week. Nifty would recover only if it breaks out of 950 levels. Further 7965 followed by 7985 levels will act as the resistances. On the downside, if Nifty breaks below 7800 it can touch 7775 followed by 7735.
SBI will remain in the limelight after the news of a possible merger of six banks with itself. SBI may see a negative impact with likely increase in operating costs.
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RESISTANCE: 7923, 7967, 7999
SUPPORT:  7845, 7805, 7775

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