Week begin with a positive note. Today bulls were managed there position
at the level of 8550.The Nifty for a third consecutive session on Monday to
mark its highest level in nearly 1-1/2 months, as Wipro surged on strong
earnings, while lenders rose on continued optimism the Reserve Bank of India’s
surprise rate cut last week would revive credit growth. The market managed to
hold on to its gains till the end. But the market movement was completely lackluster.
Total 41 points moved by nifty throughout the day. Nifty touched a high of 8571,
and finally settled with a gain of 37 points at 8551; it made a low of 8531.
Now for tomorrow, the range between 8555 and 8570 would provide the
initial support for the index. Unless the skeptics manage to push it down below
8495 on sustained selling the bulls would be on the driver’s seat again. On the
way up, once it crosses 8575 and stays above that it could go all the way to
levels around 8600-mark where the all-time high is located. In case of any
major selling, unless the Nifty falls below the 8450-8440 strong support area
it could well post a bounce back to above the 8600-mark either tomorrow or later
on.
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RESISTANCE: 8580, 8610, 8640
SUPPORT: 8550, 8520, 8490
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