Market closed on record high on second consecutive day despite erasing
some gains in the evening session due to profit booking. The Sensex closed at
31747, up by 31 points while the broader Nifty gained 15 points to close at
9786. This was after both the indices recorded all-time highs multiple times
during the day. Sensex settled for an all-time high of 31885 in intra-day
trade. Nifty followed suit to register peak of 9830.
On the upside, the contract
has significant resistances at 9850 and 9885 levels. A conclusive rally above
the second resistance is needed to strengthen the bullish momentum and take the
contract up to 9900 and 9950 in the same period. We expect the positive
consolidation to continue in the markets. The 9855 and 9875 levels should
act as immediate resistance for the Nifty, while supports come in at 9750 and 9700
levels.
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Resistance: 9850, 9875, 9900
Support: 9750, 9725, 9700
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