Indian Market was trading in very narrow range with a
positive bias. With call writing happening at 8300 levels and 8400 levels for
Nifty the upside seems capped at these levels for markets. Indian benchmark
indices snapped two days losing streak and closed at two months high. Post the
sideways movement till the afternoon session Indian markets broke out in the
concluding half an hour where Nifty and Sensex closed 0.65%
up at 8289 and 26900 levels respectively. The Sensex touched a high of 26914
points and a low of 26804 points during the intra-day trade. The NSE Nifty had
inched down by 7 to 8236 points, while Sensex receded by 32 points to 26,860
points.
Nifty has managed to close above its 200 days EMA at
8242. Going forward the immediate resistance at 8300-8325 levels remain intact
which is also its 100 days EMA level. On the downside 8255 followed by 8225
will act as the immediate supports for now. Nifty has closed at the highest
level in the previous eight weeks which indicates a positive break out
situation. Going forward Nifty might move towards 8400 levels.
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Resistance: 8310, 8330,
8360
Support: 8255,
8225, 8200
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