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In a lackluster session, markets ended in steady gains led by gains in PSU Bank and IT stocks. On the other hand, media and metals stocks saw slight profit booking. Cautiousness prevailed after IMF chief Kristalina Georgieva warned that 2023 will be a tough year as the main engines of growth, namely the US, Europe and China, all experience a slowdown. Markets were slightly volatile, ranging in a positive bias as investors resorted to selective buying on a lack of clues from the US markets, which were closed on Monday. Surprisingly, European indices and other select Asian peers posted significant gains and failed to delight local traders in any big way. In the absence of any major economic triggers, the domestic market shifted its focus to the third quarter earnings season, which is due to start this week. Banks' first quarterly results showed solid business performance, supported by robust credit growth.Benchmark indices ended the volatile January 3rd session on a positive note. At the close, the Sensex is up 126 points to 61294 and the Nifty is up 35 points to 18232. Technically, the benchmark Nifty will aim to rise above its main resistance at 18300 mark and above that the index is moving towards its next major hurdle at 18450 mark to. For traders, 18200 would be the key trend level. Above that, the index could rally to 18350 -18450. On the upside, an uptrend below 18200 would be vulnerable and below that the index could slip to 18100-18000.
Resistance: 18250, 18350, 18450
Support: 18150, 18050, 17950
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