The markets for the second straight day ended on a firm note, thanks to buying interest in metal and banking stocks. Select realty and IT stocks dis-appointed owing to selling at higher levels.
The Sensex opened flat at 16,229, and soon jumped to higher levels. After consolidating in mid-noon trades, the index rallied to a high of 16,481, and finally settled at 16,429 - up 202 points.
The index yesterday closed above the short-term (20-days) moving average which is at 16,341, and hence is likely to target its medium-term (50-days) moving average which is at 16,900. In the interim the index is likely to face stiff resistance around 16,625.
Today, the index may face resistance around 16,525-16,555-16,585, on the downside the index is likely to find support around 16,330-16,300-16,270.
The NSE Nifty moved in a range of 72 points, and finally settled with a gain of 58 points at 4,914.
Nifty's short-term (20-days) moving average which is at 4,882, which will now act as a support, and its medium-term (50-days) moving average which is at 5,047.
Today, the index is likely to face resistance around 4,940-4,950-4,960, on the downside it shall seek support around 4,885-4,878-4,869.
