Sensex hits 20000 - Nirmal Bang

Indian equities settled with some decent gains on Tuesday after hitting 20,000 in the opening trade. The markets were positive today after the government on Monday deferred the implementation of controversial rules on tax avoidance by two years to 2016. The market is also factoring 25 bps rate cut on January 29 meeting on the back lower-than-expected inflation. At the close, the benchmark 30-share index, BSE Sensex added 80.41 points or 0.40% at 19,986.82 with 15 components registering rise. Meanwhile, the broad based NSE Nifty went up by 32.55 points or 0.54% at 6,056.60 with 26 components registering rise.

Nifty Technical Outlook

Nifty has managed to close above the recent high which is a bullish signal. The index has strong support at 6,020 levels on the downside. There is an immediate resistance at 6,080 on the upside and on a decisive close above expect rise to 6,150 & 6,200 levels.

Action: Nifty has an immediate resistance at 6,080 on the upside; and on a decisive close above expect rise to 6,150 & 6,200 levels.

Source : Equity Bulls

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