Late buying in select heavyweights saw the markets spike towards the close on Thursday. The Sensex spurted to a high of 17,215, and finally ended with a gain of 70 points at 17,168. This is the highest close, the index has achieved in the last one-half months.
Even marginal positive cues from the overseas markets will be good enough to trigger fresh buying and thus lead the markets to higher levels today. On the up side, above 17,250 the Sensex is likely to target 17,400.
The broader picture suggests that the index is on its way towards 17,800, however, one could see a pause (weekly losses) before we reach there.
Today, the index is likely to face resistance around 17,230-17,265, while seek support around 17,105-17,070.
The NSE Nifty moved in a range of 51 points, and finally settled with a gain of 17 points at 5,133.
The Nifty is likely to seek support around 5,115-5,100, while may face resistance around 5,150-5,165.
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