CALL GIVEN YESTERDAY
Bulls made
a strong come back in last hour of Thursday’s session with Sensex back above
37,000 level and Nifty bouncing back above 11,000 mark, after media reports
suggested that India was likely to exempt foreign portfolio investors from an
increase in taxes that was part of the budget approved by parliament but
heavily criticized. The Sensex jumped 637 points to settle at 37327 level.
The Nifty reclaimed the crucial level of 11000 to end at 11032, up 177 points.
Today’s
smart recovery has built some hopes of a short term relief move. The index formed a bullish candle on the
daily scale and needs to hold above 11000 to extend gains towards 11200, and
then 11250-11300 zone. Overall setup and momentum is positive and a hold
of recent zones could extend rally, while support exists at 10900 and then 10850
levels. It has been making higher top and higher bottom formation and
supports are gradually shifting higher with medium term support at 10800.
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Resistance: 11200, 11300
Support: 10900, 10800
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