MTECHTIPS EQUITY INDEX NEWS MARKET

MTECHTIPS:-NIFTY
Nifty gave a gap up opening taking cues from the world markets, the indices witnessed a very positive trading session, as the index traded above crucial levels, maintaining the early gains. The Nifty managed a very strong close with more than 2% gains, as the index closed the day around the days highs, above the 5550 levels, on the back of strong buying momentum.Nifty closed higher at 5578 after the FED announced the bond buying program in the US. Nifty opened gap up by a huge margin (5447-5527) and sustained those levels till the end of the last trading session of the week ended 14th September,2012.Today too, Nifty is expected to open gap up as the government relaxed FDI norms in aviation, multi-brand retail, power exchanges and broadcast services. For the day if Nifty sustains the gap up levels (5447-5527) then 56305700 would be the next levels to watch out for on the upside. However, if 5530-5510 levels are breached on the down side, only then some selling pressure could take the markets lower.

MTECHTIPS:-SENSEX
The SENSEX gave a gap up opening on Friday taking cues from the world markets, and the index traded in positive terrain, maintaining the days gains throughout the trading session. The index managed to trade close around the days high, supported strongly by overall buying in the markets.Sensex closed above 18450 after finding support at 18000 levels.Sensex still has 4 pending gap-up levels in last couple of months and it has also made a positive island reversal between 29-aug-12 and 7-sept-12. Today Sensex has to hold 18300-18350 then higher levels like 18600-18800 levels could be possible. However if Sensex falls below 18250 then the index could slip towards 18000-17900 too. Sensex has good support at 18300-18250 zone followed by 17600-17700 levels and some stiff resistance at 18600 levels.

MTECHTIPS:-BANKNIFTY
The Bank nifty witnessed a huge gap up opening, and the index managed to sustain the early gains, as it sustained the gap up levels, and in the euphoria even touched levels of 11000. The index closed the session with strong gains, well above the 10600 levels, as the index sustained the early levels, and the banking stocks witnessed strong buying momentum throughout the session. The bank index closed the session with gains of more than 4% and higher and resistance of 10600 were taken in the process. The bank nifty will now face stiff resistance above 10800 levels, and if it manages to trade above these levels we may gain witness testing of 11000 and higher levels in coming days. Very crucial supports in the bank index in coming sessions is seen below 10400 levels. Any dip below will open up levels of 10200 and lower in coming days, but the current momentum is positive.

MTECHTIPS:-CNX IT
The Technology index witnessed another positive trading session, on the back of buying in the technology stocks. The index managed to hold above the 6560 levels. Very strong support around 6560 levels is seen in the index. On the other hand sustaining above the 6600 levels in coming days will open up levels of 6700 and higher in the index. The levels around 6550 will act as strong support zones for the index, and if these levels are broken we may soon witness the index testing 6500 levels again. The technology index in coming sessions if manages to hold above the 6600 levels, we may soon witness levels of 6700 and higher in the index. And the outlook remains positive for the day.