IGI Logo

Benchmark indices witnessed a correction from lower levels. Nifty closed 35 points higher, while Sensex was up 106 points. Among sectors, the Capital Markets index was the top gainer, gaining over 3 per cent, while the Defence index declined over 1 per cent.

Technically, after a weak opening, the market rebounded sharply by over 200/500 points from the lowest point of the day. We believe the current market pattern is directionless; perhaps traders are waiting for a breakout on either side. On the higher side, 24500/81000 would be the immediate breakout level for traders. Above this level, the market may rise to 24600-24800/81300-82000. On the other side, moving out of 24200/80200 may increase the selling pressure. Below this level, the market may retest 24000-23800/79600-79000 levels.

The Bank Nifty is expected to remain within the trading range of 54000 and 55000 levels.