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Continuing
the bullish trade into the sixth straight session, Market ended with over 0.5% gains
on Friday even as global peers tumbled after China's GDP growth slipped to a
27-year low of 6%. On a weekly basis, both Sensex and Nifty ended with
3% gains. The markets recovered early losses to move higher after a mixed
start on Friday, a day after indices hit three-week high rising for five
straight sessions. The Sensex rose as much as 309 points to hit 39361 on the
upside during the session, and the Nifty climbed to as high as 11684, up 98
points from the previous close.
The index formed a bullish
candle on the daily scale and needs to hold above 11650 to extend gains towards
11700, and then 11800-12000 zone. Overall setup and momentum is positive
and a hold of recent zones could extend rally, while support exists at 11500
and then 11450 levels. It has been making higher top and higher bottom
formation and supports are gradually shifting higher with medium term support
at 11400.
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Resistance: 11700, 11800
Support: 11500, 11400
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