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The week has ended on bearish note. The indices has came under heavy
selling pressure on Friday, Sensex and Nifty, plunging over 1.50 per cent
each. The Sensex tumbled 510 points to 33176, while the NSE Nifty slipped
below the 10,200 level to 10197 , down 162 points. Very clearly, the
political landscape has changed dramatically post Gujarat election and now it
is visibly clear that for a single party to get majority is going to be very
difficult. I think that scenario is now working in mind of every investor. The
TDP has moved a no-confidence motion against the NDA government on the issue of
granting special category status to Andhra Pradesh, according to a PTI report.
Already, the YSR Congress' motion against the government is pending. The
government, however, exuded confidence that it has the numbers to ride out the
crisis. The motion will be the first such move during the tenure of this NDA
government. The nifty future has opened at 10344 made a low of 10197 and closed
at 10238. Total 147 nifty future has moved in intraday.
Pullback rally is expected in upcoming sessions. Going forward, the immediate support for the Nifty is placed at 10150 and 10100 levels. On the flipside, resistance is seen at 10400 and 10450 levels, but the major hurdle is in the 10350-10280 region and till such time that this region is taken out, any rally may be considered as a pull back or of corrective in nature.
Pullback rally is expected in upcoming sessions. Going forward, the immediate support for the Nifty is placed at 10150 and 10100 levels. On the flipside, resistance is seen at 10400 and 10450 levels, but the major hurdle is in the 10350-10280 region and till such time that this region is taken out, any rally may be considered as a pull back or of corrective in nature.
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Resistance: 10350, 10400,
10450
Support: 10150,
10100, 10000
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