The Indian equity market opened in green after massive
cuts yesterday and also rebound in Asian markets. India’s annual rate of
inflation based on wholesale prices eased on a month-on-month basis to 3.57% in
September from 3.74 % in August. The Sensex ended 30 points higher at 27673 and
Nifty jumped 10 points to close at 8583. The BSE Sensex ended with a gain of 30
points at 28507. The BSE Sensex opened at 27712 touched an intra-day high of
27764 and low of 27548. The NSE Nifty closed with a gain of 10 points at 8583.
The NSE Nifty opened at 8594 hitting a high of 8604 and low of 8549.
On the upside, the Nifty has
significant resistances at 8650 and 8700 levels. A conclusive rally above the
second resistance is needed to strengthen the bullish momentum and take the
contract up to 8750 and 8800 in the same period. Therefore, traders with a
short-term perspective should desist from trading in the index futures contract
as long as it trades in the sideways band between 8550 and 8500.
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Supports: 8550 and 8500
Resistances: 8650 and 8700
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