8 February 2018


The market logged a strong recovery today with gains of nearly 1% each, ending the seven-day losing streak since the Modi government presented its last full year Budget last Thursday before it goes to Lok Sabha polls in 2019. Markets were buoyed as brighter corporate earnings improved sentiment. While Sensex rose 330 points to 34413 level, Nifty staged a 100 point recovery from Wednesday's lows. The key indices started on a positive note in early trade and held on to their gains throughout the day, recording 552 points  and 161 points gains intraday, respectively compared to yesterday's close.
In the last note it was mentioned about the high possibility of the market attempting to find a base and had expressed that market may remain bit volatile and still continue to oscillate in a range.  Going into trade on Friday, there are high probabilities that the market may again enjoy a positive opening. However, sustenance of the good start, if any, and the behavior of the market the levels of 10400 will be crucial to watch for.  The levels of 10650 and 10680 will play out as immediate resistance area for the market. Supports come in at 10450 and 10400 zones. 
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Resistance: 10650, 10680, 10720
Support: 10450, 10430, 10370

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