Sensex, Nifty extend rally on banks, IT stocks in Strong Note

On Thursday Nifty closed 110 points up at 7842 giving falling wedge pattern upward breakout at 7815 forming bullish candle supported by positive indicators signaling up move to continue. Now on upper side Nifty has immediate major resistance at 7860. If it crosses and sustain above it then it may go up to 7966 – 8014 levels. On lower side 7785 will act as immediate major support level. if it breaks it then 7735 – 7635 are the next.
After an extremely weak session, our markets opened with an upside gap citing cheerful mood across the globe. This optimism accelerated as the day progressed and as a result, the Nifty closed convincingly above the 7800 mark.

Since last few sessions, our market is clearly direction less. Despite a sharp sell off on Wednesday, our market managed to trim all losses on Thursday and eventually closed on a strong note. The Sensex rallied 210.05 points or 0.81 percent to 26051.97 and the Nifty rose 62.05 points or 0.79 percent to 7904.80.


INTRADAY CALL- BUY ULTRATECH CEMENT FUT BETWEEN 2790-2791 STOPLOSS 2760 TARGET 2845