15 September 2016


The Indian equity market spent the entire day in a narrow range after the recent slide and ended marginally higher for the second consecutive session. In a lackluster trade, the Sensex on Thursday gained 40 points, while the broader Nifty settled the day just a tad below its key 8750 level. Investors remained cautious on Thursday ahead of the policy meetings of the Bank of Japan and US Federal Reserve. Bank of Japan and the Fed policy review will be held on 20-21 September.The Sensex ended with a gain of 41 points at 28413. The Sensex opened at 28398 touched an intra-day high of 28444 and low of 28311.The NSE Nifty closed with a gain of 23 points at 8749. The NSE Nifty opened at 8744 hitting a high of 8752 and low of 8704.
What we are seeing now is some amount of consolidation and a slightly range-bound market which should continue through the next trading session, on the back of uncertainties surrounding major central banks moves. As NSE nifty has closed higher today, The Nifty could test 8800 as early as tomorrow. Next resistance is at 8855-8900.On downside first support is at 8700-8650 level. Next support is at 8630-8600.
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Supports: 8700 and 8650
Resistances: 8800 and 8850

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