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Bulls shown resilience
and steadily nifty is heading up. Positive global cues & corporate earnings
changed the market sentiments. Nifty is back in 11400 zone. Market ended higher
for the third straight session driven by a rally in automakers. The Sensex rose
0.76% to 38506 and the Nifty rose 0.77% to 11428 at close.
We expect market would
remain volatile in the near term due to corporate earnings outcome. The
index formed a bullish candle on the daily scale and needs to hold above 11400
to extend gains towards 11500, and then 11550-11600 zone. Overall setup
and momentum is positive and a hold of recent zones could extend rally, while
support exists at 11325 and then 11275 levels. It has been making higher
top and higher bottom formation and supports are gradually shifting higher with
medium term support at 11200.
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Resistance: 11500, 11600
Support: 11325, 11200
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