Anand Rathi Securities, in its technical call, says that the Sensex and Nifty have exhibited a bullish candlestick pattern, and closed above the previous day's high levels. This has bullish implications, and indicates that there is buying support emerging at lower levels.The Nifty faces resistance at around 3490 and the Sensex at around 11,975 levels.Technically, a move above these resistance levels will have bullish implications that may see the indices gaining further upward momentum. On the support front, the Sensex has support at 11,700 and the Nifty at around the 3400 level.Based on the chart pattern developed to date, breach of these support levels would indicate the resumption of the downtrend. Hence, one may use these as stop-loss levels for long positions for the time being.In the punter's zone, they have a BUY on Tata Motors, Bharti Airtel and Canara Bank. In the technical call section, they have a 'BUY' on Mahindra Gesco, Arvind Mills and NTPC.
