Nifty opened with positive bias and kept the momentum till the end
NIFTY: For the second consecutive day, nifty extended gain on the last trading session of 2016 as nifty closed slightly below the resistance level of 8200. Nifty opened with positive bias and kept the momentum till the end and closed at 8185.80. On the sectoral front banking, realty, pharma stock were the major gainers while metals stock were witness of some profit booking . As of now, nifty witnessed a strong upward move in last two session indicating market breath on positive side but it should cross 8275 level on closing basis to sustain the momentum. Intraday traders‐ 8200 mark is a short term resistance any sustainability above this level it can move higher up to 8250‐8270. On the other hand if nifty does not break 8200 mark then again it could be witness of some profit booking till 8130‐8080.
BANK NIFTY: Bank Nifty had a rather bullish day in spite of last half an hour decline. Prices started the session with minor change but went through a rally that helped index to make a high near 18250 there it again found resistance and pushed down. Eventually index closed near 18150 with a gain of 130 points. Prices have trades in a moderate range of nearly 230 points. On the daily charts, the index has managed to close higher on second successive day; hence our view remains mildly bullish in Bank Nifty. However, prices again found resistance at 18200‐18250 levels and came lower. Earlier index found support near 17600 and a rally after that. Therefore, as far as prices are trading inside 17600‐18200 (inside support and resistance area), swing traders should avoid taking new positions. Traders should wait for a clean breakout before entering new positions. We do not have a clear view in the Bank Nifty so intraday traders should also look to avoid the index and watch the market action from outside.
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