The markets seemed to have entered into some kind of a consolidation phase. Since the trend is up, there would be a lot support on the downside, at the same time the market does not seem to be in a hurry to scale up. Unless and until, the results provide the much needed trigger on the either side, we may see range-bound markets for the time to come.
Ideally, it seems one should look to sell into the rallies as the upside looks limited from currently levels. The Sensex is likely to face considerable resistance around 18,050-18,350 levels. However, the downside support is at 17,700. As and when the index breaks this support, the Sensex may then slip to 17,000-odd levels.
The NSE Nifty yesterday moved in a range of 57 points, from a high of 5,382 the index dropped to a low of 5,325. The Nifty finally settled with a loss of 22 points at 5,340.
Today, the index is likely to face resistance around 5,360-5,370-5,375. On the downside, the index may find support around 5,315-5,310-5,305.