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Market
started on positive note. Bulls managed to sustain above 11000 mark. It was 2nd
straight day for positive market. The Sensex & nifty ended in the positive
territory on Monday due to heavy buying in banks, finance automobile & IT
sector. The Sensex added 164 points to settle at 37145, Nifty reclaimed
the crucial 11000 level to settle at 11003, up 57 points.
In
the absence of any major event, domestic macroeconomic data and global cues
would 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 11100 and then 11150 levels,
while on the downside supports are seen at 10950 and then 10900 levels. We
expect recovery to extend further and Nifty to retest 11200 in the coming
sessions.
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Resistance: 11100, 11150
Support: 10950, 10900
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