Sensex, Nifty likely to open lower today

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Sensex, Nifty likely to open lower today

Sensex increased 44 pts to 60,342 and Nifty gained 5 pts to 17.962 in early trade. Sensex climbed 37.87 pts to 60,298 and Nifty gained 12 pts to 17,956. 15 of 30 Sensex stocks ended up in the green. Kotak Bank, L&T and Bharti Airtel were the top Sensex gainers, rising to 3.75 per cent.

Bulls vs Bears: Here's what to expect on Dalal Street today.

Sensex rose 44 pts to 60,342 and Nifty gained 5 pts to 17.962 in early trade.

On the technical front, Nifty formed a positive candle on the daily chart and is close to challenging the life time high. The trendline resistance that was near the highs of October 21, Jan' 22 and Apr' 22 has been breached and is trading comfortably above it. One can expect the current rally to extend further towards 18100 -- 18150 levels against this backdrop. The support base has now moved higher to 17,500 to 17,550 range gap support, but there is no sign of exhaustion, as weekly RSI has fallen past the 6 months falling trend line. Market breadth has seen an improvement, indicating greater market participation across sectors. During the day, the Nifty is likely to open on a negative note, however overall outlook is positive hence the intraday dip towards 17,800 -- 17,850 can be the buying opportunity for target of 18,100. The momentum indicator MACD was trading with a positive crossover on a daily time frame, which suggests strength in the counter. The support for nifty has shifted around 17,800 levels, while on the upside 18,100 may act as an immediate hurdle. On the other hand, the Bank nifty has support at 39,000 levels and resistance at 40,000 levels. The index is looking strong, crossing above 18,000 marks will add more strength to the counter and head towards 18,200 levels. The Indian market is likely to open lower today as the SGX Nifty fell 47 points to 17,957. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

Sensex closed above the 60 K mark for the second consecutive session despite negative global cues. Sensex rose 37.87 pts to 60,298 and Nifty gained 12 pts to 17,956. 15 of 30 Sensex stocks ended up in the green. Kotak Bank, L&T and Bharti Airtel were the top Sensex gainers, rising to 3.75 per cent.

Banking and capital goods stocks were the top sectoral gainers with their BSE indexes zooming 305 points and 282 pts, respectively.