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It was a fantastic day for our market that built on its gains and closed higher also thanks to positive global cues. Sensex shut shop at 17180, up 158 points and Nifty at 5103, up 51 points from the previous close. CNX Midcap index was up 0.44% and BSE Smallcap index was up 0.84%. BSE oil and gas index was up nearly 3% (RIL helped this index and it traded higher on news of acquiring Dutch company Lyondellbasell). The market breadth was positive with advances at 729 against declines of 541 on the NSE. Top Nifty gainers included HCL Technologies, GAIL and Cipla while losers were Bharti Airtel, Idea Cellular and JP Associates.
The market did open flat to positive and seen a buying session,with nifty taken support from its 5 DEMA placed near 5052 and ended with a decent gain with nifty closed above psychological 5100 level but below 5110 which is its weekly resistance. Nifty has broken the upward trendline and seems that remain above today low we might see further rise in the market that can show again 5150-5175 zone in the higher side.Any sell off or profit booking if comes due to global sell off if any then nifty will crash to kiss its 20 DEMA level which is its good support level and placed around 4970,and from this level we can see another round of buying. A caution is highly advised now on every rise as I expected a selling or profit booking now any time,I don’t know the reason but anytime selling will be there,as per charts
NIFTY (5103.55)
Resistance : 5130 / 5175 / 5210
Support : 5060 / 4985
SENSEX (17180.18)
Resistance : 17250 / 17315 / 17420
Support : 17075 / 16970 / 16800
NIFTY FUT (5108.3)
Resistance : 5125 / 5160 / 5215
Support : 5075 / 5040
MKT COMMENTS
NIFTY FUT OI (both series) marginal up with decreasing volumes indicating forming of long positions.
We expect NIFTY FUT to trade rangebound. Above 5150 levels, NIFTY to show fresh up move.
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