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Tuesday bulls
were in relaxing mood. After 2 days record breaking runs bulls were taking
breathe. Nifty & sensex ended a little changed on a volatile day. . After
two days of stellar rally following the government's decision to cut corporate
taxes, domestic stock markets witnessed profit booking on Tuesday amid choppy
trade as Asian peers ticked up on renewed hopes about US-China trade
talks. The Sensex rose as much as 216 points
to 39306 in early trade, and declined 393 points from that level to hit 38913
on the downside at the day's weakest mark. The Nifty benchmark moved in a range
of 116 points, between 11655 and 11539 at the day's highest and lowest levels
respectively.
Apart from what has already been announced, the market is now gauging what will
be announced next. There is lingering optimism that Friday's announcement could
be followed up with something else too, which is why there is some volatility. Expiry is ahead on 26 sep 2019. A reasonable long candle was formed today with minor upper and lower shadow
with sharp opening upside gap. This pattern indicates a sharp upside momentum
prevailing in the market. Though, Nifty placed at the hurdle of previous lower
top at 11700 of July 17, still there is no indication of any reversal pattern
in the Nifty at the highs. The short term trend of Nifty is sharply positive;
having moved up sharply in the last couple of sessions, there is a possibility
of consolidation/minor downward correction at the highs before showing further
upside. The near term upside levels to be watched will be 11700 while support
will be 11500.
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Resistance: 11700, 11750
Support: 11550, 11500
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