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Benchmark stock market indexes ended marginally higher on Thursday after falling for three consecutive sessions. It appears that investors will remain cautious on any important upcoming results. The Sensex traded 64 points higher at 59632 while the Nifty closed 5 points higher at 17624. Both indices had posted strong gains earlier in the day but failed to maintain momentum as investors turned cautious. Movements in the domestic stock market will depend largely on HCL Tech Q4 results, which are due later in the day. It should be noted that IT stocks remain shaky following the weaker than expected Q4 earnings update from TCS and Infosys.Technically, after the gap-up open, the market saw profit bookings at higher levels which came in at 17650-60100. We think 17850-60500 will now act as a key resistance area for traders. In addition, the market can rise to 17900-18000. On the downside, selling pressure might rise below 17500-59700. Below that, the index may retest the 17400-17300/59500 -59300 levels. The strategy should be to buy between 17600 and 17500. To do this, keep a stop loss at 17450 -59500. For Bank Nifty, 42500 and 42600 would be resistance and support stands at 41500.
Resistance: 17400, 17500, 17600
Support: 17300,
17200, 17100
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