10 November 2016


"SELL MARUTI FUTURE BELOW 5320 TG 5300/5280 SL 5355"
"BUY NIFTY FUTURE ABOVE 8559 TG 8589/8619 SL 8524"
Indian stocks market rebounded sharply on Thursday, tracking similar upsurge in other global markets after Donald Trump's shock victory. The Sensex rose as much as 491 points and the Nifty moved closer to its crucial psychological level of 8600. The Indian stock market gained the most in nearly 1-month, following a rebound in Asian markets after their steepest slide since Brexit, on speculation that U.S. President-Elect Donald Trump will pursue business-friendly policies. Nifty Realty index surged 4.5% after losing more than 10% on black money crackdown. Nifty Bank hits 20K for the first time since September 23, 2016. Finally, the Sensex ended with a gain of 265 points at 27518. It opened at 27605, touched an intra-day high of 27743, and hit a low of 27457. The Nifty closed with a gain of 87 points at 8519. It opened at 8556, hitting a high of 8598 and low of 8511.
We reiterate our view to hold positive yet cautious approach till 8500 is intact in Nifty. The Traders with a short-term perspective should tread with caution and consider initiating fresh long positions on a rally beyond 8600 levels. The contract can then extend its rally and test resistances at 8650 and 8700 levels in the near term. On the downside, a decisive fall below key support at 8500 is needed to alter the bullish momentum and drag the contract down to 8450 and then to 8400 levels.
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Supports: 8500 and 8450
Resistances: 8600 and 8650

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