Markets ended with marginal gains, albeit off the day’s high, as buying continued in metal and IT shares.
BSE Sensex touched a high of 16,213 after gaining steadily for most part of the day. The Sensex edged up 119 points to 16,065. Nifty ended up 34 points at 4,812.
“A pullback is due. However, there would be fresh selling at higher levels, as the overall trend has turned negative for our markets. After the sharp decline, if the market pulls back, it will be a vicious pullback. However the immediate resistance is at 4,950 on Nifty. The key support is however at 4,720 levels,” said Kunal Bothra, Technical Analyst, LKP Securities.
“The government is committed to bring down inflation to more acceptable levels. I hope to see the March end inflation between 6 to 7%”, he said and sought suggestions from the members on how to tackle the issue.