Wednesday’s rangebound trading session ended on bullish note.
The markets ended higher despite weakness in their Asian
counterparts. The Sensex gained 103 points to close at 35319 levels, while
the Nifty future settled at 10769 levels. It has opened at 10715 made a high of
10787 and low of 10712. Nifty has
given a pullback from the low of 10712 levels but has shown resistance near
around 10800 levels. On the downside, we maintain the level of 10650 as a
strong support and at the higher end, we anticipate 10850 level would be
crucial and a breakout above that level would find the index in a new territory
for more upside movement. However, the support for the day is seen at 10635
while resistance is seen at 10825.
Nifty5 may continue to trade in the range of 10800 to 10700 for next couple of days. Any upside breakout of 10850 on a closing basis will give us further direction and higher levels of 10900. Traders and investors are suggested to have positions being hedged since the increase in volatility is expected ahead of the event.
Nifty5 may continue to trade in the range of 10800 to 10700 for next couple of days. Any upside breakout of 10850 on a closing basis will give us further direction and higher levels of 10900. Traders and investors are suggested to have positions being hedged since the increase in volatility is expected ahead of the event.
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Resistance: 10800, 10850,
10900
Support: 10700,
10650, 10600
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