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In this
lackluster movement also we have noticed nifty trading at all time high above
10500 mark. It seems to be the good platform built by the bulls for new highs
11000 to be witnessed very soon in year 2018. On Tuesday when flattish moves
dominated the sensex & nifty future, intense buying in the final hour made
the market close on a record high note. The Sensex ended above 34000, while the
Nifty future closed at 10530. Nifty future has opened at 10506 made a high of
10537 and low 10496.
The markets
will remain range bound in this week due to F&O expiry. Bias is positive
but since we're closer to the F&O expiry week, traders should maintain
cautious approach especially in index trades. For tomorrow nifty now tests key
resistance at 10550. A strong rally beyond this level and the next key
resistance at 10575 will strengthen the bullish momentum. In that case, the
contract can rally to the 10600 and 10650 band. But the inability to move
beyond 10500 will keep the index under selling pressure. A decisive fall below 10450
can pull the contract down to 10425 and then to 10400 levels.
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Resistance: 10550, 10575,
10600
Support: 10475,
10440, 10400
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