What a cracker of a Monday that was for the
market! Bulls had it their way throughout the session, gaining with every
passing hour. Benchmarks ended the day at record high levels. The expiry week has started
on bullish note. Nifty has clinched a new milestone 11700 on the 1st day of
expiry week. Today nifty future has started the day from 11616 made a high of
11712.90 and low of 11614 and closed the day at 11712. Positive global cues
also supported the rally as investors took note of cues coming in from Jackson
Hole symposium. Jerome Powell, the US Fed Chair, has hinted at slow, but steady
rate hikes ahead on the back of strong economic growth in the US as well. Along
with it, likely easing tensions and softening of dollar helped the indices end
well above key milestones.
A large bullish candle on
the daily chart is signaling confidence and the index may do well in the rest
of week. On the daily chart, the Nifty has formed a sizable bullish
candle. This buying momentum may sustain on the higher side towards the
11735-11775 range. The immediate intraday support is placed at 11600 level and
any violation of this level will trigger profit booking. The daily strength
indicator is moving upward, which supports bullish sentiments.
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Resistance: 11735, 11755, 11780
Support: 11600, 11560, 11530
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