24 October 2016


In a volatile trading day, the Sensex on Monday settled the day 102 points higher, while the NSE Nifty ended above its crucial 8700-mark. The Nifty swung between gains and losses tracking muted Asian peers, as investors remained cautious ahead of a key week for quarterly results for companies such as HDFC Bank and Axis Bank. The Sensex ended with a gain of 102 points at 28179. The Sensex opened at 28157 touched an intra-day high of 28257 and low of 28076. The Nifty closed with a gain of 16 points at 8709. The Nifty opened at 8710 hitting a high of 8737 and low of 8684.
This week market to be range bound between 8650-8750 points. It could be difficult to break the resistance at 8800 as results of IT companies and Reliance Industries has shown that earnings this quarter may be sluggish. On the upside, the Nifty has significant resistances at 8750 and 8800 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 8830 and 8850 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 8650 and 8600.
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Supports: 8650 and 8600
Resistances: 8750 and 8800

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