Market closed lower on Monday, as losses in heavyweight Reliance Industries over a delay in launching its low-cost smartphone, outweighed sharp gains in Coal India. The Nifty closed at 17355 down by 14 points, and the Sensex fell 127 point to 58177.
The market witnessed some lackluster
movement and an attempt to hold the level. The market witnessed a small
correction and a reversal from the support of Nifty level of 17260. It is
suggested that 17235-17215 will be an important support zone for the market to
stay positive in the short term. If the market is able to sustain the level of 17300-17350,
it can witness higher levels of 17500. The technical indicator suggests a
volatile movement in the market in a small range between 17250-172450.
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Resistance: 17400, 17450, 17500
Support: 17250, 17200, 17150
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