Market showcased a flattish trend with positive bias as the market weighed the expectations of a strong quarter amid concerns over rising cases, supply issue and inflationary pressure. Global market was on the edge as Fed meeting minutes hinted at rate hikes, elevated US inflation and the awaited release of US CPI inflation data. Domestic inflation levels are also likely to be significant due to unfavorable base effect though food prices have declined during December. At close, the Sensex was up 221 points at 60616. After a flat opening, index made an intraday low at 17964 levels and managed to close the session above 18000 marks at 18055 level with a gain of 52 points.
Market is expected to give good returns in coming days given the positive expectations of Q3 results and positive global cues. Traders are advised to ride the current rally with strict stop losses to their positions. We expect the level of 17925 to act as major support for the Nifty, which, if broken, might be followed by 17875. On the upper side, 18125 will act as very strong resistance, which, if crossed, would take the index to 18225. We expect banking, auto, IT and realty shares to be in focus now.
Resistance: 17950, 18015, 18075
Support: 17825, 17765, 17710
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