Lacklustre Trading

The market opened on a flat note and witnessed lacklustretrading in the opening session. Last week¿s tug of warbetween bulls and bears seems to be continuing this weekas well, which is dragging the markets into a subduedmode with lack of a clear direction in the short term. AsKST in the hourly chart shows, the market is consolidatingand we should wait for a clear indication on either side.We expect the market to consolidate throughout thetrading session and experience some of buying towardsend of the day. The market breadth is indicating a positivebias with 2,115 advances and 905 declines. The index islikely to have strong support around 14327 level, which is 20-hour simple moving average, and on breaching thislevel it is likely to take support around 14250, which isthe lower end of the triangle in the hour chart shown below.The index is likely to have resistance around 14500 level,which is our short-term resistance, and on breaching thislevel it is likely to touch 14600, which is our short-termtarget. Our short-term as well as medium-term bias remainspositive with targets of 14600 and 14700 respectively.We have a positive bias on Titan Industries as it has strongsupport around Rs1,050 level, which is around 10-day simplemoving average, and resistance around Rs1,090-1,110 levels.We have a negative bias on IDBI, which is having resistancearound Rs97 level and support around Rs94.10-93.50 levels.We have a positive bias on GE Shipping with support aroundRs261 level and resistance around Rs266-270 levels.