Mtechtips

MTECHTIPS:-NIFTY

Nifty gave a flat opening but the markets witnessed a range bound trading session as the index failed to breakout above the resistance of 5200. The markets rallied strongly in the final hours as the index gained on buying seen in select sectors. The index managed to close in the green around day’s highs.Nifty has closed higher after taking support at 5170-5180 levels , as mentioned in our yesterdays report. Today Nifty has to cross 5236 and hold 5200 levels, where 5280 and 5340 would be possible levels to watch out for.However on the flip side if Nifty fails to hold 5200 and slips below 5170 then selling pressure would creep in again and take the Index towards 5150 -5100 levels in the days to come. It is important for Nifty to close the gap down levels (5261-5300), failing which weakness could remain intact in the markets.

MTECHTIPS:-SENSEX

The SENSEX gave a flat opening in early trade on Wednesday, and the index witnessed profit taking in early session. And the index gradually gained in a last hour rally and closed the session with gains. Momentum was missing in the markets and lack of any positive triggers but some positives emerged in the final session.Sensex closed up in a session which looked like a short covering session yesterday, late in trade. Sensex closed above 17150, which is a positive that the markets can possibly build upon. Today Sensex has to cross and hold 17300, above which levels like 17400-17600 could be possible in the sessions to come. On the other hand, if Sensex fails to hold 17150 and falls below 17050, then a correction is on cards as selling pressure would eventually drag the benchmark index towards 16900 levels.

MTECHTIPS:-BANK NIFTY

The Bank nifty witnessed a very strong session, although the gains were limited, still the index managed to hold on to the gains and closed the session around 10600. Banking stocks witnessed good buying at lower levels and managed to keep the support of 10500. The banking index dipped from intraday highs on sustained selling in the markets. The banking index is trading close to crucial resistance zone of 10800-11000, any further upside in banking stocks will help the index to breach these resistance. The recent up move has given a confirmation of upside breakout, the next upside target levels to be watched is around 11000 levels. If the Index manages to hold strongly above 10600 levels in coming session, we may gradually move up wards to test 10800-11000 levels. On the other hand any dip below these levels of 10500 will re-test 10400 and lower levels.

MTECHTIPS:-CNX IT

The Technology index witnessed a session of consolidation as the index took supports around 5550 levels. The levels around 5700-5500 act as strong support zones for the index, and we may witness some consolidation at current levels, but if these levels are broken we may soon witness the index testing 5400 levels also. The levels of 5560 will now act as strong support for the index on weekly basis, holding above will be a positive sign. The CNXIT if manages to break out again above the 5700 levels we may witness some pull back after sharp decline yesterday. But any decline in the index will test the supports of 5450. The index will face stiff resistance above the 5700 levels any up move will help retest 5890 levels gradually