Market
started the week on a strong footing with both the gauges closing at new
lifetime record levels. Sensex ended at 30322 level, 133 points higher
while Nifty settled the day at 9445 level, 44 points higher respectively, today
as lower inflation numbers and better- than-expected quarterly earnings drove
investors. The Nifty after shuttling between 9449 and 9423, rebounded 44
points to end at a new all-time high of 9445, surpassing previous record of
9422 hit on May 11.
We are expecting Nifty to touch 9475 in the extreme
short term and hit 9500 in the medium term. A correction is likely
thereafter. Nifty break above 9500 then it will increase the strong bullish
pattern breakout, which will take the indices up towards 9550/9600. A
strong break (close) below 9400 will increase the downside pressure and drag it
to 9375, 9300. Traders can go short on a break below 9400 with a stop-loss at 9450
for the target of 9355.
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Supports: 9375 and 9350
Resistances: 9475 and 9500
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