Market closed on bullish note.. Consolidation was witnessed in the
market today. Market sentiments were optimistic ahead of quarterly earnings of
some key companies, including TCS, which will release its results later in the
day & also traders were cautious ahead of the release of Reserve Bank of
India’s latest policy meeting minutes later in the day. The Sensex closed
higher by 95 points to 34427, while the Nifty future rose 40 points close at
10579. Nifty future has started the day at 10581 made a high of 10585 and
low of 10550. TCS is all set to release its March quarter earnings on
Thursday. The January-March quarterly numbers for the IT pack as a whole
will get better than a year ago. Depreciation of the dollar against major
currencies is expected to provide cross-currency tailwind of 60-130 bps and
20-50 bps to margins.
The consolidation is likely to persist on Friday as well. The market is expected to make a quite start on Friday. The levels of 10625 -10675 will continue to act immediate resistance. However, looking at the F&O data, the consolidation that we are expecting is not likely to last long. Despite some volatility, the market is also likely to have limited downsides. We see the area of 10630 and 10680 acting as immediate resistance area. Supports will come in at 10550 and 10500 levels.
The consolidation is likely to persist on Friday as well. The market is expected to make a quite start on Friday. The levels of 10625 -10675 will continue to act immediate resistance. However, looking at the F&O data, the consolidation that we are expecting is not likely to last long. Despite some volatility, the market is also likely to have limited downsides. We see the area of 10630 and 10680 acting as immediate resistance area. Supports will come in at 10550 and 10500 levels.
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Resistance: 10615, 10635,
10675
Support: 10550,
10525, 10500
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