The markets rallied smartly in the second half of the day backed by news of fresh government spending. The government yesterday announced that it planned an additional Rs 25,725 cr in public expenditure.
Technically, the Sensex continued to hold to its 16,940 support level - which is a positive sign. Howevever, weak global cues are likely to trigger a fresh round of weakness in openind trades this morning.
The Sensex may take support around 17,100 in early trades, below which it should 17,055 for the day. In case the index falls below 17,055, then its is most likely to break the 16,940 in the course of the week.
On the upside, the index is likely to face resistance around yesterday's high of 17,240-17,250, above which the index may advance to 17,370.
The Nifty is likely to face resistance around 5,185-5,205, while find support around 5,110-5,090.
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