Gift Nifty is again flat, implying that we may have a repeat of the last week. There was a possibility of a gap up as results of Reliance and two bank majors were out over the weekend. But that doesn’t seem to be happening. So now, the second best thing.

Can they save the market from declining? The Friday bottom at 24980 levels was on a 90 degree offset from the top at 25285 (from where the sharp fall was seen last week) and hence can be expected to hold if attacked. The largest Put OI position is at 25000 and that also hints at defending this zone.

No big names for results that will influence the trends in the indices. So, it is going to be stock specific movements only. Eternal results due today. Stock looks to have completed the fall and may be ready for a rally if the numbers are acceptable to the market. Ultratech results due today. Cement is in demand these days. Chart position shows a possible move till 12500 and a breakout beyond that if numbers are good.

Reliance is on trendline support and should sustain above 1468 so as to reach 1520. HdfcBank has support near 1925 that needs to hold if bears don’t take over. Icici Bank support seen near 1400 levels. If both banks hold their respective support levels, they can attempt some rallies. But not to expect anything major just yet.