MTECHTIPS EQUITY INDEX NEWS

MTECHTIPS:-NIFTY
Nifty gave a flat opening with positive bias taking cues from the world markets, but the indices soon dipped to touch intraday lows.The markets gave a sharp recovery in the final session, as traders took to short covering and new buying also emerged.Nifty closed with very strong gains, as the recovered sharply from intraday lows. The nifty found strong support at lower levels around 5170 and bounced back to close around crucial resistance if 5250.Today nifty has to cross 5280 levels on a closing basis so as to make a possible up move towards 5320 and higher in coming days. Profit taking in the index at higher levels is not ruled out. Nifty is however vulnerable to fall lower if the immediate support levels like 5225-5210 are not held on a closing basis. The markets recovery yesterday in the final hours has indicated strength in the index, and we expect the index to consolidate at current levels.

MTECHTIPS:-SENSEX
The SENSEX gave a positive opening taking cues from the world markets, and the index dipped sharply in first session, on RBI monetary policy reaction, but the index soon recovered on strong buying at lower levels. The index closed the session with gains and managed to hold on the gains. On a volatile day the Sensex closed above 17200 levels which is a positive sign, and open up chances of the index testing crucial levels of 17400. Intraday the index witnessed sharp fall, but strong support at 17000 ensured that the index maintained the support levels and recovered. Today Sensex has to cross and hold 17340, which would eventually take the markets to 17400 and 17450 levels on the upside. However on the down side the risk still lurks if the sensex fails to hold 17080 on a closing basis then we could witness levels like 16800 in the days to come.

MTECHTIPS:-BANKNIFTY
The Bank nifty witnessed a very volatile trading session, and the index after opening, strong, witnessed selling pressure. The Bank index dipped sharply in early hours to test the supports of 10200, but a smart recovery in the final trading session, helped the bank index to close at the highest level in last seven trading sessions. The Bank nifty in coming days may take some support at lower levels around 10400. If the Index slips further we may soon witness further downside in the Bank index. Any dip below the levels of 10200 will be a negative signal for the index and we may soon re-test the supports of 10000. The outlook has witnessed strong change, and if the index manages to hold on to the current levels we may soon witness further upside in coming sessions testing 10800 and higher levels. The bank index will face strong resistance at higher levels above 10600 in coming sessions. Holding above will open up 10800+ levels gain

MTECHTIPS:-CNX IT
The Technology index continued its gradual up move in the yesterdays trading session. The index gained strongly yesterday to close the session with gains above the 5700. The levels around 5600 will 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 5500 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 5750 levels we may witness some pull back testing the levels of 5900 in coming days, but stiff resistance is seen at current levels.