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Market ended on positive note on Thursday 25 November 2021 with Nifty finished the November F&O series above 17500 supported by the Reliance Industries and realty and pharma industries. At close, the Sensex was up 454 points at 58795, and the Nifty was up 121 points at 17536. Reliance Industries, Divis Labs, Infosys, ITC and Tech Mahindra were among major gainers on the Nifty, while losers were Britannia Industries, IOC, IndusInd Bank, Maruti Suzuki and ICICI Bank. Among sectors, oil & gas, realty, pharma indices rose 1% each, however, some selling was seen in auto and banking names.
On the last day of November F&O series, markets rebounded sharply, largely supported by gains in Reliance Industries. Technically, Nifty has formed a strong bullish candle and at the same time it is consistently taking support between 17350 to 17300 levels. We are of the view that the intraday support has now shifted to 17400 from 17300 and as long as it’s trading above 17500 the uptrend wave will persist up to 17580-17650. On the flip side, below 17475, the uptrend would be vulnerable.
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Resistance: 17600, 17650, 17700
Support: 17500, 17450, 17400
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