Good buying sentiments across the global bourses infused bullishness in our market. Which, after a modest opening, witnessed range bound trades, before closing at modestly firm note. Key benchmark indices hit their highest level in more than ten weeks at the onset of the trading session. The market regained strength after trimming initial gains to hit fresh intraday low in morning trade. The market strengthened further in mid-morning trade. The market retained positive zone in early afternoon trade. High volatility was the hallmark of today’s session as traders roll over positions in futures & options (F&O) segment from the near-month January 2012 series to February 2012 series. The Sensex and the Nifty closed above their sensitively important levels of 17,000 and 5150, respectively. Metal and tech led the show in today's session while other Sectoral indices barring, Capital goods lost moderately. The Sensex closed at 17077, up 81 points from its previous close, and the Nifty closed at 5158, up 31 points.
• Level wise, closing above the threshold 5145 levels may extend support to the bulls in the forthcoming sessions.
• Broader market witnessed strong sentiments and all segments closed on positive note. Despite this firmness, bulls lost the control to the bears.
• On account of firm performance, Nifty remained above its vital 9, 14, 50 and 100 day’s SMA placed at 5006,4935,4825and 4947.
• VIX, the barometer of uncertainty, corrected sharply and closed at 21+, thus it indicates lesser than average volatility in market in the forthcoming sessions.
• RSI (14) for the session was at 73.83 levels and MACD closed above the signal line
NIFTY LEVEL
R1-5175
R2-5230
S1-5110
S2-5070
