Wednesday’s range bound trading session ended on positive note amid global cues and investors eyeing industrial and consumer price data and other macro data’s. Market sentiments were also lifted by PSU banks & metal stocks. The Sensex gained over 100 points while the nifty settled over 11000-level. The Sensex closed at 37270 rising 125 points, while the Nifty gained 32 points at 11035.
In the absence of any major event, global cues industrial and consumer price data and other macro data’s will dictate the market trend ahead. Nifty formed a bullish candle on the daily chart amid sustained buying interest for most part of the session. The Nifty has been forming higher highs and lows from last three sessions and supports are gradually shifting higher. Now it has to hold above 11000 to extend its bounce towards 11085 and then 11125 levels, while on the downside supports are seen at 11000 and then 10955 levels. We expect recovery to extend further and Nifty to retest 11155 in the coming sessions.
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Resistance: 11085, 11125
Support: 11000, 10955
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