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The week has started on bullish note & ended at fresh record closing
highs at 11137, though wiped out half of gains in last hour of trade. The
Sensex was up 232 points at 36283 and the Nifty gained 60 points at 11130, as
the government's annual economic survey predicted growth would expand in the
year starting in April, making India once again the world's fastest-growing
major economy. The economic survey released earlier in the day projected
economic growth at 7.0-7.5 per cent in the year starting in April, up from a
projected 6.75 per cent for the current fiscal year. The nifty future has
opened at 11141 made a high of 11185 and low 11080.
This week we
have one of the most important domestic events - the Union Budget - slated to
be presented on Thursday 1 Jan 2018. The volatility is expected to be continued
in the market for upcoming 2-3 days. Nifty future today’s high of
11185 might act as immediate resistance along with the 11235 level on the upper
side. Supports should come in much lower at 11000 and 10900 levels.
The Nifty has achieved its measured targets and is now expected to take a minor
breather with the 11200 level acting as an immediate resistance. Overall,
though some early positive movement in the market cannot be ruled out, we might
see some intermittent bouts of correction at higher levels. The broader market
may see some relatively more pain in the event of any correction from higher
levels.
Resistance: 11200, 11250,
11300
Support: 11000,
10950, 10900
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