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The bulls attempted to stretch their arms for yet another session however stumbled near the junction of a falling trendline & the 40 DEMA. The hourly momentum indicator, which was having negative divergence, didn’t support the bulls, thus dragging the index into the negative territory towards the end of the session. Market ended lower in a choppy trading session today. Nifty closed -0.11% lower and Sensex closed -0.16% lower today. Strong buying is seen in selected pharma stocks while some selling pressure is seen in metal stocks today. At close, the Sensex was down 100 points at 57806, and the Nifty was down 19 points at 17213. On the technical front, overall structure looks positive for Nifty as it manages to sustain above 17210 level on a closing basis. 17100 and 17300 are immediate support and resistance in Nifty. For Bank Nifty, 34400 and 35400 are immediate support and resistance. 17235-17275 is the crucial level to look out for; this market can enter a bullish phase only if it closes above 17275. Until then the markets would be sideways and choppy. 17100 is good support for the index and a break of that will result in a re-entry into the medium-term bear market. It is a wait-and-watch situation: 16900 on the downside and 17400 on the upside.
Resistance: 17250, 17350, 17450
Support: 17150, 17050, 16950
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