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It was a good day of trade for our market on this first day of the week which was buoyed by spectacular GDP growth figures. Dubai jitters were being felt in the European markets as evident from weakness on their indices but Asian markets closed with good gains. Our Sensex shut shop at 16926, up 294 points and Nifty at 5032, up 90 points from the previous close. CNX Midcap index was up 1.6% and BSE Small cap index was up 2.1%. The market breadth was positive with advances at 1055 against declines of 212 on the NSE. Top Nifty gainers included Tata Steel, Bharti Airtel and Tata Motors while losers included Hero Honda, PNB and Maruti Suzuki.
The Indian market closed on a good note after a calm and steady day of trade. It opened gap up but showed a tremendous rally as soon as the GDP growth figures came in at a strong 7.9%.Market was looking a trigger to correct and dubai crisis given it a reason to correct and taste its major support level of 4800 and from that level we seen decent rally that continued today also and nifty closed closed above its major major immediate resistance of 5000-5025 range.Market is still not out of woods but low made on Friday is very crucial for the time being and as long as market holds current rally may be continue to hold the upside momentum and it will try to kiss its high made recently which is 5115-5135 in the higher side.Still good immediate supports are comes near 5020-4995.
NIFTY (5032.7)
Resistance : 5085 / 5140
Support : 4960 / 4885
SENSEX (16926.22)
Resistance : 17085 / 17240 / 17370
Support : 16825 / 16715 / 16490
NIFTY FUT (5029.9)
Resistance : 5075 / 5115/ 5150
Support : 4995 / 4945 / 4910
MKT COMMENTS
NIFTY FUT OI down 3.11% with 31% decreasing volumes indicating unwinding of long positions.
We expect NIFTY FUT to trade rangebound with volatility.
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