Pre-market: Reliance key to market movement

Following better-than-expected Q3 numbers from heavyweight Reliance, the market movement today is likely to be largely impacted by the stock.

Yesterday, the Sensex moved in a narrow range of 228 points - high of 8,928, and a low of 8,699. The index continues to trade precariously close to its monthly support of 8,580.

For rest of the month, the support around 8,435-8,580 would be key. Any significant breach of these support levels would trigger a sharp downmove upto 7,550.

Today, the index is likely to face resistance around 8,900-8,955, support on the downside is around 8,725-8,670. If the index is able to sustain above 8,955, the index may spurt upto 9,035-9,145 levels.

The NSE Nifty is likely to face resistance around 2,740-2,755, support on the downside is around 2,690-2,675.