The
lacklustre start to a calendar year 2017 continued for a third day in a row
where Nifty and Sensex closed on a flattish note due to disappointing service
sector data and weak cues from Europe kept investors nervous. In a volatile trading session, the Sensex & nifty
scuttled between gains and losses to settle the day little changed after Centre
and state governments failed to reach consensus on the issue of dual control at
Goods and Services Tax (GST) Council meeting that ended today. Negative opening
in European markets also affected the sentiment. Nifty seems
to have taken a prolonged breather at 8190-8200 after rallying from its major
support at 7900 levels. Sensex too hovered around 26600-26700
levels during the day. Finally, the BSE Sensex ended with a loss of nine
points at 26634. The NSE Nifty closed with a gain of mere four points at 8196.
The Nifty50 failed to close above the 8200 mark.
Going
forward we hold 8255 followed by 8310 as our next resistances for the Nifty
provided 8215 is broken on closing basis. On the contrary if markets retreat
from the said levels 8100 followed by 8050 as the medium term supports for the
Nifty.
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RESISTANCE:
8225, 8255, 8295
SUPPORT: 8185, 8145, 8105
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