The market continued its uptrend that outset in late trade yesterday. Broad based buying helped the Sensex cross 28000 level and the Nifty move towards 8700-points.
"Sideways range has formed support at 8,547-8,565 and resistance at 8,747.8,760," Laurence Balanco of CLSA says, increasing a break below the lower boundary of the cited range would open the door for a move down to the 50-day moving average and lower boundary of the cited uptrend channel, currently at 8,238-8,460.
"Once this corrective period runs its course, the Nifty should be set-up for gains towards next chart resistance at 8,667-8,723 provided by the July/October 2015 highs and then the all-time highs at 9,191," he says.
The BSE Sensex gained 211.15 points at 28113.81 and the NSE Nifty rose 64.60 points to 8672.05. About 1424 shares advanced against 471 declining shares on the BSE.
HDFC Bank, ICICI Bank, Maruti Suzuki, Axis Bank, Sun Pharma, SBI, Hero Motocorp and Bajaj Auto gained 1-2.5 percent while Bharti Airtel fell further.
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