22 December 2017


The Market closed at record highs on Friday but indices were trading in range only. The Sensex made a fresh all time high of 33964 intraday, breaching the earlier level of 33956 level. Nifty future breached 10514 level for the first time intraday. Nifty future opened at 10460 made a low of 10456, total 58 points nifty future has moved in intraday.
Bias is positive but since we're closer to the F&O expiry week, traders should maintain cautious approach especially in index trades. For Tuesday nifty now tests key resistance at 8535. A strong rally beyond this level and the next key resistance at 8570 will strengthen the bullish momentum. In that case, the contract can rally to the 8600 and 8630 band. But the inability to move beyond 10500 will keep the index under selling pressure. A decisive fall below 10400 can pull the contract down to 10350 and then to 10300 levels. The next key supports are at 10250 and 10200 levels.
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Supports: 10535 and 10600
Resistances: 10400 and 10350

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