18 January 2018


Bulls continued their record- setting spree on Thursday with Sensex rising over 178 points to hit new closing high of 35260 and Nifty ending above 10800 for the first time, driven by a rally in banking counters. However, heavy selling in Reliance, Tata Steel, Adani Ports and SBI in the afternoon session checked the gains. The Sensex after a gap-up opening at 35366, advanced further to life-time high of 35507, surpassing its previous intra-day high of 35118 before ending at all-time closing high of 35260, showing a gain of 178 points. It also broke previous record closing high of 35081 reached yesterday. The Nifty future also gained 22 points, to hit all-time closing high of 10810 after hitting historic high of 10873, Nifty future opened at 10865 and made a low of 10774 near 100 points nifty future moved in intraday.
Markets are in a longer term bull trend, they made yet another intraday high for the year. We continue to hold an upbeat outlook and would stay long for a medium term target of 10900.Traders with a short-term view can initiate fresh short positions on a fall below 10800 levels with a stop-loss at 10850 levels. The contract can decline to 10775 and then to 10750 levels. Next key support is at 10700. On the hand, a strong rally beyond 10900 is needed to reinforce the bullish momentum once again and take the contract higher to 10925. Subsequent resistances are at 10950 and 11000 levels.
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Supports: 10900 and 10950
Resistances: 10775 and 10700

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