19 August 2016


Market end flat amid lackluster session Nifty ends above 8650 mark. After Thursday's smart run up, indices took a breather today amid lackluster day of trades. The Sensex and Nifty closed marginally lower on Friday as the global sentiment was subdued following comments by some US Federal Reserve officials, although gains in individual stocks such as State Bank of India supported the indexes. The Sensex ended with a gain of 118 points at 28123. The Sensex opened at 28078 touched an intra-day high of 28214 and low of 28077. The Nifty closed with a gain of 49 points at 8673. The Nifty opened at 8649 hitting a high of 8691 and low of 8673.
Markets are in a longer term bull trend, they made yet another intraday high for the year. We continue to hold an upbeat outlook and would stay long for a medium term target of 8800. A strong rally beyond 8700 is needed to reinforce the bullish momentum once again and take the contract higher to 8730. Subsequent resistances are at 8750 and 8780 levels. Traders with a short-term view can initiate fresh short positions on a fall below 8600 levels with a stop-loss at 8550 levels. The contract can decline to 8530 and then to 8500 levels. Next key support is at 8400.
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Supports: 8650 and 8600
Resistances: 8700 and 8750

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