Crossing January highs turned out to be a mere formality today. The markets started the day on a quiet note, but gathered strength and registered fresh two-year highs during the day. The Sensex touched a high of 17,793, but ended with a gain of 67 points at 17,711.
Hindalco was the top gainer among the Sensex stocks, up over 3% at Rs 184. Mahindra & Mahindra, HDFC, Sterlite, Sun Pharma and Maruti were the other major gainers. On the other hand, Infosys and TCS declined around 2% each. Tata Motors too was down over 1%.
Although the markets ended on a firm note, the fact that they ended off day's high should be seen as caution sign for short-term traders. The Sensex is likely to face some resistance around yesterday's high, above which the index may spurt up to 17,860. On the downside, the index is likely to seek support around 17,650-17,615. A break of the lower end of the support band could trigger fresh weakness.
The NSE Nifty moved in a range of 87 points. The index after touching a high of 5,330, ended at 5,303 - up 21 points.
The Nifty is likely to face considerable resistance around 5,335-5,350, on the downside the index is likely to find support around 5,270-5,250.
