The markets witnessed significant short-covering yesterday owing the futures & options February expiry. However, the indices failed to give any buy signal despite the late rally.
The Sensex, as mentioned earlier, is likely to trade with a negative bias as long as the index remains below 9,035. Today, too, the index is likely to face resistance around 9,035-9,085 on the upside.
On the downside, the index is likely to find support around 8,790-8,825. If the index remains below this support zone for a longer time, then the index may extend losses towards the close.
The NSE Nifty is likely to face resistance around 2,810-2,820-2,825, while support on the downside will be around 2,760-2,750-2,745.