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Markets opened on a negative note and violated the crucial support level; thereafter rebounded towards immediate resistance levels to close flat with positive bias. Nifty future breached the key level of 5980 and strong pull back was seen towards 6050 and closed on a satisfactory note with reversing candlestick pattern on daily charts. Sustaining above 200 day EMA of 6050 may lead towards 6120 mark and 5990 will act as important support.
SUPPORT: 5990 & 5950
RESISTANCE: 6080 & 6120
DAILY MARKETS TREND:
Sensex ends tad higher; banks, FMCG, realty gain.
Asian shares skid, but dollar regains some traction.
Idea Cellular says gets access to disputed regional permits.
Tech Mahindra Q3 net profit up 38% on exceptional gain.
Bharat Forge Q3 net doubles to Rs 94 cr, margin up 460 bps.
Markets were badly hit last week taking cues from overseas investor flows and the weakening in rupee after a U.S. Federal Reserve taper-induced emerging market rout led the indices to mark their lowest levels since November. Nifty future on weekly charts surpassed the key support of 6150 and closed below it. If rupee weakness continues then next crucial point seen for index is around 5980. However, 6210 is seen as important resistance for it and any closing above it can only confirm strength in nifty.
SUPPORT : 5980/5870
RESISTANCE : 6240/6370
CRUCIAL POINT : 5980
CLOSE : 6112
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