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The bulls reversed their
record run on Wednesday, with the Sensex falling nearly 100 points and the
Nifty future came below 10500. The sudden reverse in gains came in the final
hour of trading on Wednesday. Tuesday, the markets had seen an uptick
after Reliance Communication chairman Anil Ambani's
announcement of a new debt resolution plan for the debt-ridden company. Today
morning, the market extended gains on the positive sentiment with the sensex
touching a fresh all-time high of 34137.97 in intra-day trading while nifty
future made a high of 10566. However, as the trading session drew towards end
for the day, profit booking took over. The Sensex closed at 33911 with a loss
of 98 points while the Nifty future ended at 10491, down 34 points.
With the indices logging
new record highs in the past few sessions and derivatives expiry due on
December 28, some consolidation is expected in the near term. Markets would
take cues from global developments and crude price movements in the near term. We
recommend avoiding shorts and keeping overall exposures moderate while keeping
a cautious view on the market. The levels of 10575 and 10600 will
act as immediate resistance levels for the market. Supports come in at 10450
and 10400 zones.
RESISTANCE: 10575, 10600, 10625
RESISTANCE: 10575, 10600, 10625
PIVOT POINT: 10500
SUPPORT:
10450, 10425, 10400
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