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The stock market staged a smart recovery from the daily low and closed near the daily high on the Dec. 29 F&O expiry date, led by Energy, Oil & Gas, Banks and Metals. The Sensex ended up 223 points up 61133 and the Nifty rose 68 points to 18191. The Sensex and Nifty touched daily lows of 60479 and 17992 respectively. Amid weak global signals, domestic indices opened lower and extended losses in the US Throughout the day and stayed there negative territory for most of the session. However, buying in the last hour erased all intraday losses to help the exchanges close on a positive note. The domestic market trend was affected by the movements of its global counterparts as a negative US close caused Indian bourses to get off to a bad start. However, positive signals from US futures pushed the reference index above the zero line. Markets will continue to see such sudden moves, underpinned by ongoing recession and COVID fears that bargain hunters will counter. But the sideways move will continue as recession fears in the West loom on more likely rate hikes and modest growth. Technically, Nifty took support near 18k and rallied strongly. A bullish candle on daily charts and a higher bottom formation on intraday charts indicate further upside from the current levels. For bulls, 18000 would act as a sacrosanct support zone, and above that it could rally to 18000. In case of further uptrend, the index could go as high as 18300. On the other hand, traders below 18,000 prefer to exit long positions and below that, the index could fall as low as 17800.
Resistance: 18200, 18300, 18400
Support: 18100, 18000, 17900
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