Market Outlook, Technicals

Finally, after days of consolidation and swings in both directions, nifty futures was able to make inroads in the 4300 zone though it failed to sustain above that level. It managed to cross the 4300 level, albeit momentarily, and has closed at record high with a gain of 33.65 points. The target of 4325 now seems close though closer still is the resistance at 4313. The Nifty spot, which has yet to penetrate the 4300 level also moved on to a record high. The feat has yet to be matched by the BSE Sensex though the closing has been on an optimistic note. The critical level for futures today is 4276 and as long as this level is sustained on dips, the outlook remains bullish. It will gain fresh momentum once the 4325 level is decisively crossed and then will be the next interim target. A decisive breach of 4217, however, will negate the bullish outlook.

Resistance: 4285 – 4292, 4313, 4325, 4379
Support: 4276, 4252, 4217, 4198 – 4202

3I infotech (310.35): Long positions may be taken in this counter with a stop below 305 for a conservative target of 322 and an optimistic target of 328
Resistance: 317, 323, 328,
Support: 308, 302, 295