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It was tough day for bulls as
nifty ended on negative note holding on to 10800-mark. At the close of market
hours, the Sensex was down 106 points at 36106 and the Nifty down 33 points at
10821. Investors turned caution ahead of quarterly results of TCS & INFY.
In the near term, we continue to remain cautiously
optimistic on the nifty as we believe volatility and choppiness are likely to
remain high. Nifty is still trading inside a contracting structure and
traders are advised to remain cautious and wait for a proper breakout above
10950 level on a closing basis. The 10775 level still looks like a sacrosanct
support, a breach of which shall take the Nifty future below the 10700 level. A
decisive close above the 10950 level should usher in a sustainable uptrend.
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Resistance: 10900, 10950, 11000
Support: 10775, 10735, 10700
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