Taking Stock | Sensex up 221 points, Nifty stays above 18,000; IT, power gain, metals hit - Moneycontrol.com

Fundamental, Stock Ideas, Multibaggers & Insights.Stock & Index F&O Trading Calls & Market Analysis.Technical Call, Trading Calls & Insights.Commodity Trading Calls & Market Analysis.Currency Derivatives Trading Calls & Insights.Options Trading Advice and Market AnalysisProprietary system driven Rule Based Trading callsCurated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideasCurated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideasThe market started the day on a flat note amid weak global cues and remained rangebound throughout the sessionThe global market was on the edge as the Federal Reserve meeting minutes hinted at rate hikes and elevated US inflation as they waited for the American inflation dataAmong sectors, the Nifty metal index fell 2 percent, while IT index added 1 percentOn the sectoral front, BSE IT, power and realty indices gained 0.7-1.8 percent, while the metal index shed over 2 percentThe Nifty formed a bullish candle on the daily scale and gave its highest daily close of the last 40 sessions"The Nifty has to hold above 18,000, for an up move towards 18,200 and 18,400 levels, whereas support shifts higher to 17,950 and 17,850 zones," said Chandan Taparia, Analyst-Derivatives, Motilal Oswal Financial ServicesOn the technical front, the index has been trading with higher high and higher low formation for the last three days and sustained above the falling trendline, which suggests an upside rally in the counterThe index has also been trading above 21 and 50-day moving averageThe Nifty has support at 17,700, while resistance comes at 18,100, a breach of which can take the index to 18,200-18,300The Bank Nifty has support at 37,800 and resistance at 38,800Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal InvestmentsThe index again gave a strong closeFor the Nifty50, 18,000 will act as strong support