13 December 2016

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After a volatile start, the market closed on a positive note. Both nifty & Sensex stabilized as the day progressed and with impetus from ITC, Tata Motors, Reliance and HDFC. After volatility, both indices gained strength in last couple of hours of trade, with the Nifty ending above 8200 level ahead of the upcoming policy meeting of Federal Reserve that will begin tonight. Positive European cues and short covering in index heavyweights helped the market recover previous day's losses. November retail inflation data (due later today) will be closely watched, especially after demonetization. The Sensex was up 182 points at 26697. The Nifty was up 51 points at 8221. The markets widely expect the US central bank to raise interest rates by 25 basis points, but the more important factors to watch out for would be Trump policies and US dollar move.
Today the Sensex ended with a gain of 182 points at 26697. The benchmark indices opened at 26607 touched an intra-day high of 26724 and low of 26494. The Nifty gained 51 points and closed at 8221. It opened at 8196 points, hitting a high of 8228 and low of 8155.
For tomorrow gap up opening we are expecting. Nifty may open near 8250 level. 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. . On the downside, a decisive fall below key support at 8150 is needed to alter the bullish momentum and drag the contract down to 8100 and then to 8050 levels.
Supports: 8100 and 8050
Resistances: 8250 and 8300

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