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Market has ended
the day on bearish note, following weak global cues as well as profit booking
in the market. The Sensex ended over 350 points lower, while the Nifty came
down to 11250 as well. The Nifty index opened in the negative and
witnessed selling pressure for most part of the session on Thursday. It finally
negated the formation of higher highs and higher lows after nine consecutive
sessions and drifted towards the 11235 level.
On Friday, the market is likely to see a quiet to modestly positive start. Though the market remains buoyant, it continues to be overbought and slightly overstretched on certain
indicators. Furthermore, immediate past patterns show
the market has achieved the immediate short-term price objective. All
these forces us once again to approach the market with caution as it remains
imminently vulnerable to profit taking at higher levels. The 11350 and 11375
levels are likely to act as key resistance while supports are likely to come in
lower at 11235 and 11200 levels. On Friday, the market is likely to see a quiet to modestly positive start. Though the market remains buoyant, it continues to be overbought and slightly overstretched on certain
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Resistance: 11350, 11375, 11400
Support: 11235, 11200, 11175
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