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India pak tension changed the market sentiments. Markets started
Wednesday's session on a strong note, tracking advances in Asian peers. The
Sensex rose as much as 327 points to touch 36300 in morning trade, while the
Nifty rose to 10921, up 86 points from the previous close. The Sensex and Nifty
had finished 0.66% and 0.41% lower respectively on Wednesday. Nifty started
the day at 10881 made a high of 10939 & low of 10751 & closed the day
at 10806 down by 26 points.
The government is due to release GDP data on Thursday. According to a median forecast from more than 55 economists polled by Reuters on February 19-25, country's GDP growth stood at 6.9% in the October-December quarter - its slowest pace in over a year. Some more choppiness could be witnessed in the upcoming session. The recent swing low of levels could help bears to rule. Now 10750 levels has become an impotent level for nifty. Only above 10825 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 10700 level still looks like a sacrosanct support, a breach of which shall take the Nifty below the 10675 level. A decisive close above the 10930 level should usher in a sustainable uptrend.
The government is due to release GDP data on Thursday. According to a median forecast from more than 55 economists polled by Reuters on February 19-25, country's GDP growth stood at 6.9% in the October-December quarter - its slowest pace in over a year. Some more choppiness could be witnessed in the upcoming session. The recent swing low of levels could help bears to rule. Now 10750 levels has become an impotent level for nifty. Only above 10825 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 10700 level still looks like a sacrosanct support, a breach of which shall take the Nifty below the 10675 level. A decisive close above the 10930 level should usher in a sustainable uptrend.
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Resistance: 10850, 10900, 10950
Support: 10750, 10700, 10650
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