Markets started the week on an uptrend and ended slightly higher. Upbeat global signals coupled with favorable earnings news sparked a gap-up start that was further bolstered by renewed buying from the IT majors. However, profit-taking in energy, banks and cement heavyweights detracted from gains during the day. Benchmark indices closed positive with Nifty above 18100. Finally, the Sensex was up 320 points to 60941 and the Nifty was up 91 points to 18118.
If optimism holds, we
could see a pre-budget rebound in the shortened week. On the technical front,
despite strong momentum, Nifty failed to clear the 18,180 resistance level.
Currently, the index is trading above the 20-day SMA and also holding higher
bottoming on intraday charts, which is largely positive. For the traders,
18,000 would be the trend maker level, above which the index could rally to
18,200-18,250. On the downside, below 18,000 selling pressure is likely to
intensify which could see the index slide as low as 17,950-17,900.
Resistance: 18200, 18300, 18400
Support: 18100,
18000, 17900
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