Sensex Has Resistance At 16287-16594: Abhishek Jain, StocksIdea.com

Sensex The Sensex ended the day positively led by continued buying witnessed in real estate stocks followed by banking, oil & gas and auto stocks.

The 30-share index Sensex belled the day after losing 10.88 points at 15,770.19 on Friday owing to mixed global signals. Later, it turned positive, and traded in a lackustre manner amid volatility during noon. But the stock index gained momentum on continued buying action seen in frontliners as it was approaching 16,000 mark. At last, the index ended the day on strong note, touching a high of Rs 15,957.67.

BSE Midcap and Smallcap index gained 0.71% and 1.79% respectively.

Among the sectoral indices, BSE Realty increased 3.79%, Bankex, Oil & gas, Capital goods and Auto surged more than 1% each, while Consumer durables declined
1.04%, FMCG dropped 0.42%.

Finally, the Sensex closed the day after gaining 141.27 points at 15,922.34. It also hit an intraday high of 15,957.67 and an intraday low of 15,663.35.

The broad-based NSE Nifty surged 44.15 points at 4,732.35 after touching an intraday high of 4,743.75 and an intraday low of 4,651.40.

The top gainers in the Sensex pack were DLF, Jaiprakash Associates, Bharti Airtel, Rel Capital, Hindalco Industries and Reliance Infrastructure.

The major losers in the Sensex included Tata Power Company, ITC, Sun Pharmaceutical Industries, Wipro, Tata Consultancy Services and NTPC.

While commenting on the stock market outlook for the coming week, stock market analyst Abhishek Jain of Stocksidea. com said that the support for the Sensex is at
15748/15329 and the resistance to the up move is at 16287/16594.

The sensex is looking sideways for the coming days, Mr. Jain added.

For Nifty, the support is at 4658/4567 and the resistance to the resistance to the up move is at 4784/4831.