Sensex opened with a positive gap of 115 points at 8275 and Nifty opened at 2613 and both traded high through out the day. But at the end of the session the market gave up substantial points. On the daily chart, Nifty has broken out of triangle and is trading below the pattern with support around 2500 and resistance at 2750. Looking at bar patterns, Nifty has formed an inside bar pattern,which has given a break out on the upside. The momentum oscillator KST is still driving its negative trend and is also trading below the zero line. The market breadth is positive with 638 dvances and 555 declines. The Short-term bias is down with the target of 8100 and reversal at 9000.
On the hourly charts, an inverted head and shoulders pattern has been formed with support at 2535 and target at 2700, momentum indicator KST is on the verge of giving a positive crossover but is trading below the zero line.
From the 30 stocks of Sensex, Axis Bank (up 8%) and ICICI Bank (up 8%) were the top gainers. However, Bharti Airtel (down 6%) and Jet Airways (down 4.5%) topped the tutch of losing stocks. Among sectors, banking has gained momentum and is expected to move upside.