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The market did open flat to positive and It was a fantastic closing for the Indian market After a five-day consolidation our market moved higher assisted by good global cues.Market as expected could not break the low made in the morning itself and taken a good support from its immediate support zone of 4895 and remained above this level all the day and closed at near day high.Going forward we have closed above 4920 for the first time and now w may see the 5000 mark if global cues are not going to disturb this tempo.Nifty may take good support near 4900 and then 4845 and as long as we hold it, ride the rally with bulls.
It was another spectacular session today on Dalal Street. Positive global cues helped our market post the highest closing for Nifty, above 4950 for the first time since May 2008. Sensex shut shop at 16677, up 222 points and Nifty at 4958, up 66 points from the previous close. CNX Midcap index was up 1.43% and BSE Smallcap index was up 1.10%. The market breadth was positive with advances at 736 against declines of 517 on the NSE. Top Nifty gainers included Tata Steel, SAIL and Tata Motors while losers were GAIL, HUL and BPCL.
NIFTY (4958.4)
Resistance : 4975/4995/5025
Support : 4930 / 4905 / 4860 / 4820
SENSEX (16677.04)
Resistance : 16785 / 16900 / 17100
Support : 16565 / 16430
NIFTY FUT (4961.85)
Resistance : 4985 / 5005 / 5040
Support : 4920 / 4895
MKT COMMENTS
NIFTY FUT OI flat with 16% decreasing volumes indicating unwinding of long positions at higher levels.
We expect NIFTY FUT to trade rangebound with possibility of profit booking at higher levels.
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