Bears took
the market down & closed on flat note. The Sensex closed up 1 point at
33813, while the Nifty closed on flat note at 10472. Investors are cautious
ahead of key corporate results starting next week. Investors in India are
awaiting corporate results, including from TCS and Infosys that are scheduled
next week. Nifty future opened at 10490
made a high of 10543 and low of 10456 & closed at 10472 total 87 points
nifty future moved in intraday. The Nifty future has slipped below support level 10475 &
closed at 10.472.
Going into Thursday trade, the market is poised in a tricky
situation. We might see modestly positive to flat opening. Shorts are
being added to the system given the fact that the support level 10450 remains
in close vicinity at 10400, the market may seek to take some respite from the
current spate of weakness. On the other hand, the 10550 and 10570 levels
will pose stiff resistance on the upside. We recommend avoiding shorts and
keeping overall exposures moderate while keeping a cautious view on the market.
WEEKLY
RESISTANCE FOR NIFTY: 10550, 10570, 10590
PIVOT POINT: 10450
WEEKLY SUPPORT FOR NIFTY: 10425, 10420, 10400
WEEKLY SUPPORT FOR NIFTY: 10425, 10420, 10400
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