HDFC Sec: Markets could be range-bound today

According to HDFC Securities, markets could be range-bound today. With global cues not that very exciting, markets could take a breather.

The trend nevertheless continues to remain up and we recommend
traders and investors to hold on to their existing positions. This uptrend would reverse with a close under immediate lows of 11440/3320.

Sectors looking attractive at the moment and especially on declines are capital goods, hotels, pharma, cement, media, construction, housing finance and banking.

Technically, the trend continues to remain up and till 11444 is taken out, the market remains on course to move higher.

The Sensex has strong clusters of resistances in this area and thus bouts of profit booking will occur in the higher areas.

The immediate resistances are 12128, 12180 and 12228. On the
downside 11847 and 11723 will provide strong support to the markets.

Derivatives data indicates that there could have been a small build up in short positions. The trend nevertheless continues to remain up and we
recommend traders to hold on to long positions till a close under immediate lows of 3320.