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Bulls are back in action..!! After Monday’s downfall
nifty bounced back on Tuesday & closed the session above 11000 mark. The
nifty future has started from 10947 made a high of 11035 & low of 10938
& finally closed at 11027. Market Sentiment got a boost after crude oil prices in global
markets dropped by over 4 per cent yesterday owing to oversupply fears, helping
the rupee to strengthen against the dollar. traders were also awaiting US Federal Reserve Chairman Jerome
Powell's first congressional testimony for hints on the pace of interest rate
hikes.
Bulls rally will be continued in Wednesday session also.
Supports are shifting higher gradually. As long as Nifty holds above 11000 ,
the momentum could extend towards 11070 and then its lifetime high of 11200. On
the downside, major support exists at 10900 and then 10850 levels. Nifty
appears to have registered a decisive breakout, thereby shrugging off the last
eight weeks of range bound behavior, as it registered a solid bullish candle
with a strong gap up opening. With this decisive breakout, after a pause of two
months, Nifty future can be heading to test its life time highs placed around 11200.
let god bless you
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