Markets had a gap up opening on mixed global cues. It was a relief rally after four day losing streak. Once nifty future crossed 5400 level it was able to sustain above this for the whole session and closing above 5440 is providing some strength further. Now, if it consistently trades above 5450 then bullish sentiments may take it above 5500 where 5565 may act as strong hurdle whereas if 5400 is broken then 5320 is seen as support for it.

TREND: SIDEWAYS

SUPPORT: 5380 & 5320 RESISTANCE: 5500 & 5565

Major Market News-

·             Sensex snaps 4-day losing streak, closes 285 pts higher. Realty, CG, Bankex rally.

·            JSW Steel Jan production surges 39%.

·             Essar Oil loses $615 million insurance claim.

·             Hexaware Tech rises on buyout talks with NEC Corp report.

·             GVK Power up on oil block stake sale report.

·             BoB expects rate cut in April; to sell 5% share to LIC.