Anand Rathi: Sideways movement with +ve bias

Anand Rathi Securities in their technical note says that Nifty and Sensex have exhibited a narrow bearish candlestick and the close of the candlestick is lower than the previous day's close.

This indicates that there was selling pressure emerging at higher levels. The bias is still sideways with support for Nifty at around 3100 and for the Sensex at around 10,600.

On the resistance front, the Nifty faces resistance at around 3225 and the Sensex at around 11,050.

Technically, violation of either of these levels would indicate the immediate future trend of the market.

On the average front, the indices are trading above the short-term moving averages and this has bullish implications and this in turn raises hopes of an upward break-out.

In the punter's zone they recommend a 'Buy' on Siemens, Titan Industries & Satyam Computers.

In the technical call section, they recommend a 'Buy' on Cipla , Reliance Industries & State Bank of India.