The market closed its last session of the year on a weak note on December 31, but registered double digit gains for the year despite the economic slowdown.
The selling pressure/profit taking seen in Reliance Industries, banking and financials, auto and technology stocks pulled the Sensex lower by 304 points, while the Nifty50 dropped 87.40 points to 12,168.50, forming a Bearish Belt Hold pattern on the daily charts.
According to the pivot charts, the key support level for the Nifty is placed at 12,131.17, followed by 12,093.83. If the index continues moving up, key resistance levels to watch out for are 12,226.47 and 12,284.43.
Nifty Bank closed 0.6 percent lower at 32,161.65. The important pivot level, which will act as crucial support for the index, is placed at 32,065.04 followed by 31,968.37. On the upside, key resistance levels are placed at 32,302.14 and 32,442.57.