16 September 2016


Market came off their intra-day high as investors booked profits at higher levels amid weak European cues. The Sensex ended with a gain of 186 points at 28599. The Sensex opened at 28520 touched an intra-day high of 28779 and low of 28495. The NSE Nifty closed with a gain of 37 points at 8780. The NSE Nifty opened at 8781 hitting a high of 8848 and low of 8751.The market rallied tracking positive trend seen in Asian markets after weak US data reduced the already low chance of an interest rate increase by the Federal Reserve at next week's meeting.
On the upside, the contract has significant resistances at 8880 and 8900 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 8950 and 9000 in the same period. Therefore, traders with a short-term perspective should desist from trading in the index futures contract as long as it trades in the sideways band between 8780 and 8850.
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Supports: 8750 and 8700
Resistances: 8820 and 8850

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