The Sensex ended at 17,134 up 7 points after trading in the band of 17,195?17,059 and Nifty ended flat to close at 5,083 after trading in a narrow range of 5,099?5,057. Buying was seen in select IT, metals and banking stocks while auto, oil & gas and healthcare counters remained under pressure. The market breadth was mixed and the total turnover was Rs 81,006 cr. The Oct Nifty future ended with 13 points discount. For the week the benchmark index ended 2.5 % higher.

Markets are showing strong resilience at the higher band of the channel as huge Institutional buying interest is witnessed in IT, banks, metals and capital good stocks. Currently markets are in an overstretched stage but the under current is very well? built. The momentum is high and one should participate along with the trend. We don't see any kind of weakness prevailing in the market as they are well positioned above their strong support levels.

For tomorrow, Nifty has strong support at 5,010?4,980 levels and resistance is placed at 5,150. Unless and until we see a breakdown below 4,980 on the closing basis every fall is a buying opportunity. Technically we see this current momentum heading towards the 5,210/17,550 levels shortly from where we could witness some decent profit taking happening. The Chinese market (Shanghai comp) will remain close for 4 days on account of National Day.

STOCK IDEA:

1) ANSAL INFRA (86) - Buy and hold with a stop? loss of 81, counter showing strong sign of revival, short term target looks 99.

2) ICICI BANK (927) - Buy on dip with a stop? loss of 880, structure looks positive, expect a target of 970?1010 in the near term.

3) JINDAL STAINLESS (100) - Buy on dip with an investment view, the stock has given a breakout above the 92 with huge delivery volumes, expect a target of 115?135 in the short run and 170 in the medium term.

4) MSK PROJECT (100) - Buy on dip, huge delivery volume witnessed, the stock has been consolidating in the range of 95?87 for quite some time and it broke out with heavy volumes, strong support seen at 93?90, expect a target of 114?125 in the short run.

5) ROLTA (191) - Buy and hold with a stop? loss of 177, this stock has closed above its resistance point of 183 with heavy volumes, in the near term if sustains above 196 then look for 220.

NIFTY FUTURE DAILY CHART: Nifty is still trading above its trend? line support of 4,990 as shown below. Unless we see a break below this point with huge volume we don't see any threat to this current uptrend. On the higher side 5,020?5,030 has to be sustained for quite some time to gain fresh 5?7% move from current levels in coming days. The next move could be to 5,150?5,210.