28 December 2016


The Sensex ended with a mere loss of three points at 26211. The Sensex opened at 26243 touched an intra-day high of 26415 and low of 26192. The Nifty closed with a marginal gain of two points at 8035. The Nifty opened at 8048 hitting a high of 8101 and low of 8028. The Sensex, Nifty closed flat after paring all of their intraday gains in the last hour on Wednesday and ahead of the expiry of futures and options contracts of the December series due tomorrow. Weak global cues and a weak rupee dampened the sentiment. 
Technically, The Nifty is gaining strength ahead of year-end. The contract is getting strong support near 8000 and the outlook is positive. A rise to 8120 and 8165 is likely now.
The level of 8120 is the significant resistance. If the contract manages to rise past this hurdle, the up move can extend to 8150 and 8165. On the other hand, if the nifty reverses lower from 8120 a corrective fall to 8160 or 8150 is possible. Traders can go long at every dip in the market with strict stoploss below 7893 levels on closing basis. Traders should note that this positive rally is for very short term but for now traders can go long at every dip in the market until market again see reversal. The support for the Nifty is 7993-7970-7897-7800 and the resistance to the up move is at 8053-8079-8105-8154 levels.
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Support: 8000, 7975, 7950
Resistance: 8105, 8145, 8175

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