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The Nifty
ended with a decisive break above 8700 on Tuesday. Sentiments got a boost with
the latest statement from the RBI, sharing optimism over the growth prospect in
this fiscal. Also, firm opening of European markets further strengthened the
rally. The Sensex and Nifty rose for third straight session on Wednesday
led by gains in banking and capital goods stocks. The Sensex ended 109 points
higher at 28452 and Nifty advanced 42 points to settle at 8786. Earlier in the
day, the Sensex and Nifty registered their fresh 52-week highs. Finally, the Sensex
ended with a gain of 109 points at 28452. The Sensex opened at 28372 touched an
intra-day high of 28532 and low of 28363. The Nifty closed with a gain of 42
points at 8786. The Nifty opened at 8754 hitting a high of 8819 and low of
8754.
US Fed
outcome would play major role in deciding the further movement but for now
trade is to go long at every dip. If BankNifty closes below 19500 levels And
nifty closes below 8750 levels. Once this range is breached on negative side,
BankNifty may see downfall upto 19000-18500 levels and nifty upto 8600/8500
easily. Traders can go for short with given levels. with Strict stoploss 19500
levels for BankNifty and of 8702 levels for Nifty.
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Supports: 8750 and 8700
Resistances: 8850 and 8900
Resistances: 8850 and 8900
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