ofit booking emerged from higher levels.
On the average front, the Indices are trading above the 10-day, 20-day and the 50-day simple moving averages. Also, all the averages are in a positive phase. This indicates that the current trend is still positive.
On the resistance front, the Nifty faces resistance at around 3610 level and the Sensex at around 12,500 level. For the indices to gain upward momentum they must stabilize above these resistance levels.
A move above these levels may leave 3650 as the next resistance level for Nifty and 12,700 -12,750 as the next resistance zone for the Sensex. On the support front, the Nifty finds support at around 3550 and the Sensex at around 12,300 level. A close below these support levels may have bearish implications and may result in the indices losing further ground. Hence, caution would be advised on breach of these support levels.
In the Punter's zone they have a Buy in Wockhardt & Sell on Punj Lloyd and Siemens. In the Technical call section, they have a Buy on Century Textiles & Sell in Tata Motors and Maruti.
