The market has begun the
week on a bullish note, as sensex & nifty rise over 1 percent, backed by
strong global cues as well as some factors back home. The Sensex rose over 500
points intraday, while the Nifty future also surged over 150 points to trade comfortably
above 10400 mark. Market sentiments were driven by global rally after
better-than-expected US jobs data. Investors awaited February CPI inflation and
January industrial output data due later today. The market had lost more than 2
percent last week.
It was indeed a surprise up move but sustainability above
10500 will be crucial for further recovery. Nifty future close above 10400
gives more space for a target of 10500 - the next possible resistance. On the
upside, the contract needs to decisively break through the key resistance at 10500
for an up-move to 10550 levels. Resistances above this level are at 10600 and 10700
levels. On the downside level 10350 will work as very strong supporting levels
if nifty breaks 10300 level then once again the 10200 levels going to be the
target for the bears.
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SUPPORTS: 10350 AND 10300
RESISTANCES: 10500 AND 10550
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