Markets after opening on a flat note gained momentum in the first half mainly led by IT & Auto stocks and sustained on higher side closing on a satisfactory note. Nifty future found support near 21 day EMA on daily charts and showed a strong pull back heading towards the key resistance mark of 6300 and closed above it indicating strength may continue towards the trend line coming from all time highs i.e. near 6380. Major support is seen near 6240.
TREND: SIDEWAYS :
SUPPORT : 6280 & 6240
RESISTANCE : 6350 & 6380
DAILY MARKETS TREND :
- Sensex gains 50 points;midcaps shine,IT up 2%.
- China economy grows 7.7% in fourth quarter.
- UltraTech Q3 net falls 38%, co says outlook challenging.
- Aurobindo up 5%, to acquire Actavis’ ops in 7 Euro nations.
- LIC trims stake in Biocon to 3 per cent.
Source : Trifid Research