The markets yesterday exhibited dull movement as the major indices were trapped in the 'No trade zone'. However, some late selling in the markets saw the Sensex end with a loss of 50 points at 17,053.
The up move seems to be tiring out, hence some breather is required. The Sensex if drops below 17,000, could possibly slide to 16,750. On the upside, strength will be seen only on a move past 17,115.
The NSE Nifty moved in a range of 37 points, and settled 22 points lower at 5,102. Today, the index is likely to face resistance around 5,115-5,125, while seek support around 5,090-5,080.
The current up move may pause at current levels. However, the overall trend will remain up as long as the index stays above 4,915, above which the index has considerable support around 5,020.
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