Thursday, December 21, 2017

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On expected lines, the nifty future did attempt to inch higher and test the 10485 level, but it also faced stiff resistance at those levels and came down to 10442. The index after a marginal high saw corrective pressure in the second half of the session. The Nifty future finally ended the day with a net loss of 14 points & closed at 10457. The market continued to consolidate after the Reserve Bank of India in MPC minutes raised concerns over rising global oil prices and inflation in the country.
Friday’s trade is likely to remain on the similar lines. The market may see a quiet opening, and may also show some buoyant intent, but the levels of 10500 will continue to post stiff resistance to the market and force it into some more consolidation. The levels of 10500 and 10550 will pose resistance to the market on Friday. The supports came in at 10400 and 10350 zones. 
RESISTANCE: 10500, 10550
PIVOT POINT: 10400
SUPPORT:  10375, 10325 

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