Nifty supports seen at 5100-5050: ICICIDirect

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ICICIDirect.com in its report on March 16, 2010 says that the Indian market is likely to open flat on the back of flat global and Asian cues. Sensex has supports at 17050 and 16940 and resistances at 17240 and 17370. Nifty has supports at 5100 and 5050 and resistances at 5150 and 5180.

"The Indian market is likely to open flat on the back of flat global and Asian cues. The market recovered early losses and finished flat on Monday, boosted by encouraging fourth-quarter advance tax payments by top corporations. After falling to as low as 17,061 in the morning, the benchmark Sensex cut its early loss significantly before finishing at 17,165, down 2 points or 0.01%, while the Nifty ended down by 0.16% at 5,129. The BSE mid-cap index fell 0.74% while the small-cap index shed 0.83%. The Sensex has supports at 17050 and 16940 and resistances at 17240 and 17370. The Nifty has supports at 5100 and 5050 and resistances at 5150 and 5180," says ICICIDirect.com report.

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