22nd Jan: 2 mins Nifty wrap up for the day


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A daily wrap up on the market, which will keep you updated on what happened in the day and what to expect & news to watch out for the next trading session

Nifty needs to clear 6360 for confirming bullishness, else it still remains bearish

The S&P BSE Sensex gained momentum in late afternoon trade and closed the day recording its all-time closing high of 21,337.67; up 87 points, or 0.41%. The all-time closing high for the index till now was 21,326.42; recorded on December 9 when results to assembly elections were announced. Gains among drug makers helped offset a fall in some banking shares after a central bank panel recommended making taming high retail inflation a priority for monetary policy, raising the prospect of a sustained period of high interest rates. The Nifty closed higher 25.15 points at 6338.95.

Technical Wrap

Nifty traded in a narrow range throughout the session and edged higher in the latter half but was unable to sustain the gains and cooled off to conclude at 6338 gaining 25 points. The level of 6360 would continue to serve as a stiff resistance for the index. If it manages to surpass the level of 6360 then there is a possibility of attest of 6415 and beyond that 6490 is likely. However if it immediately reverses from the present levels and breaches the support of 6290 then it may slip further till 6240 in a short span of time. On the down side the range of 6200 to 6150 continue to remain as a vital support for the index. Any breach of this range may produce further decline in days to come

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