9 December 2016


The market ended higher on Friday, recording their biggest weekly gain in more than three months, as additional stimulus from the European Central Bank helped offset disappointment about the Reserve Bank of India's decision to hold rates. Benchmark indices were trading on a flat to positive note tracking mixed cues from global peers after ECB unexpectedly reduced its monthly asset buys but pledged to keep its quantitative easing (QE) program beyond 2017, if needed. Nifty comfortably maintained its crucial 8250 levels in today’s session led by gains in ITC, Bank of Baroda, Zee and SBI. The Sensex settled the day 53 points higher at 26747 while Nifty gained 15 points to end at 8262.
On the upside, the Nifty has significant resistances at 8300 and 8350 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 8380 and 8400 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 8200 and 8150.
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Supports: 8200 and 8150
Resistances: 8300 and 8350

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