Market closed the trading session on a higher note amid firm global cues, along with rate-sensitive sectors leading the rally. Rate sensitive shares rose after the RBI chief said that "perhaps" there was a need to reduce the reserves that banks have to set aside via the cash reserve or the statutory liquidity ratios.
The 30-share Sensex closed at 19,230 mark up 283 points whereas the 50-share Nifty ended higher by 87 points at 5,699 levels. The Sensex and Nifty have touched an intra-day high of 19,160 and 5,677 levels, respectively. The Sensex and 50-unit CNX Nifty, both, hit one-week high. Among broader markets, BSE Midcap and Smallcap indices ended higher over 1%. The market breadth in BSE ended healthy with 1,444 shares advancing and 899 shares declining. Asian and European markets are trading green, The rupee recovered in trades today after witnessing a marginal drop earlier on hopes of more measures in the near-term to support currency. India's finance minister announced a slew of measures on Monday in a bid to relieve some of the grinding pressure on the currency, focusing on curbing imports and raising money abroad. At 4PM IST, the Rupee was trading at 61.16 against dollar compared to previous close of 61.27 per USD on the Interbank Foreign Exchange Market.
Nifty was on a bull trend, So today the first resistance for nifty is at 5735-40 level. On downside first support is at 5664-60 level. Short covering lifted nifty up to 5700. Market may trade on range 5500- 5850 on coming days, close above 5850 may take nifty to 6000. The medium trend is still weak .So today if nifty is above 5739 the up trend may continue and on downside be very alert below 5660 and Sellers will emerge if nifty is below 5625 level.
Positional Support for NIFTY 5650
Positional Resistance for NIFTY is 5759 5817 5825 5848 5852 5863 5886 5905 .
Intraday Resistance of NIFTY are 5769.6 5827.9 5813.1 5829
Intraday Support of NIFTY are 5629 5570.7 5586.6 5571.1
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