Tech view: Bias seems positive

The markets after a positive start, turned dull in the second half of the day. The benchmark indices, too, moved in a rather narrow band before signing off on a flat note.

The Sensex touched a high of 17,566, and finally settled at 17,473 - up 12 points. Tata Motors, Jaiprakash Associates and Hindustan Unilever were some of the prominent gainers among the index stocks. On the other hand, Sun Pharma and BHEL ended with notable losses.

The bias now seems positive as the markets have been able to hold its low for the last two days. One can expect a strong up move in the next two days. The index is likely to find considerable support around 17,400, while on the upside the index may rally up to 17,700 in the next two days.

Today, the index may face some resistance around 17,520-17,545.

The NSE Nifty moved in a range of 36 points, and finally ended with a gain of 15 points at 5,245.

The Nifty may face resistance around 5,260-5,267, while seek support around 5,230-5,220.