The markets began the week on a positive note, thanks to smart gains in select index heavyweights like Reliance, ICICI Bank and Tata Steel. The Sensex touched a high of 17,949, and finally settled with a gain of 243 points at 17,936.
The 19,920 level will be the pivot level tomorrow, as long as the Sensex stays above this one can expect bullishness to continue. On the upside, the index may target 18,050-18,350. On the negative side, the index may slip to 17,880-17,840. The overall trend will remain positive for the week as long as the index stays above 17,800.
Today, the index may face resistance around 18,035-18,095, while seek support around 17,840-17,775.
Barring the stochastic slow all other momentum indicators continue to remain in bull’s zone.
The NSE Nifty ended with a gain of 78 points at 5,368 yesterday. Today, the index may face resistance around 5,400-5,420, while seek support around 5,335-5,315.