Although the markets have reached overbought zones, chances of a final thrust by bulls cannot be ruled out. However, real power by bulls will be seen only after the Sensex crosses 17,060 level. On the downside, the bias will remain positive as long as the index holds 16,620.
Yesterday, the Sensex consolidated a bit following the three day sharp rally. The Sensex finally ended with a loss of 28 points at 16,972. Today, the index may face resistance around 17,025-17,060, while seek support around 16,920-16,887.
The NSE Nifty moved in a range of 48 points, and finally ended with a loss of eight points at 5,080. The index may face resistance around 5,100-5,110, while find support around 5,060-5,050.
The short-term (20-day) daily moving average of the Nifty is currently at 4,866, and the medium-term (50-day) daily moving average is at 5,015.
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