The week
began on a strong positive note, with the Nifty ending above the 9600-mark the
first time ever. At the close of market hours, the Sensex was up 81 points at
31109, while the Nifty was up 10 points at 9609. Opening weak, the Sensex slid
below the 31000 -mark on a string of weak quarterly earnings and hit a low of
30869, but quickly bounced to yet another lifetime high of 31214. It closed up
81 points, at a new peak of 31109, breaching its previous record closing of
31028, reached on May 26. It also went past previous intra-day record of 31074
scaled on May 26. During the session, the Sensex swung almost 345 points both
ways. The index has now risen by 807 points in three straight sessions.
The
Nifty future also maintained its bull run and touched a new peak of 9639
(intra-day). It settled higher by 10 point, at a new peak of 9609, beating its
previous record closing of 9575, recorded on Friday. The Nifty
has formed a Bullish Outside Bar, which reinforces the uptrend. Thus, there is
scope for the Nifty to extend beyond the short-term target of 9650 and head
towards the medium-term target of 9680. On the flip side, 9500- 9450 will
continue to act as a major support area.
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Resistance: 9635, 9655,
9685
Support: 9500,
9475, 9450
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