For the last few weeks Fridays have been a recovery
day for weak markets. Once again what an incredible way to end the week, as Nifty
surpassed the 7550 mark rising over 130 points while Sensex gained over 400
points today. Bulls are back on the driver series. F & O February series
has started with positive note. The Sensex ended 401 points higher
in trade on Friday, while Nifty topped its key 7550-mark on the first day
of the February derivative contracts. Sensex rallied 401 points to close at 24870,
while Nifty climbed 139 points to settle at 7563.
For market it was technically an inside day, i.e. the
range of the day was encompassed within that of the previous day. For nifty 7580-7600
regions remain the major hurdle which must be decisively crossed for fresh
momentum. Till such time that this region is taken out, any rally may be
considered as a pull back or of corrective in nature. On the lower side, 7450
is now an important support and if breached decisively will signal weakness.
Below 7400 fresh bull offloading may be expected.
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Resistance : 7600 , 7,650
Support : 7,450, 7,400
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