"BUY NOV PNB 70 CALL @ 2.7 TGT 3.5/4.2"
What an awesome comeback
of bulls. Market is clearly in a positive setup with festive season seeing
improvement in demand and corporate tax rate cut providing the much needed
earnings boost. Considering there is likely sequential improvement and earnings
visibility. Positive global cues after a rate cut by the US Federal
Reserve, buzz of more tax reforms and strategic stake sale in many PSUs lifted
the sentiment. The broader Nifty also hit 11945 at day's high. But markets
pared some gains on the derivative expiry day to settle off intra-day highs.
The Sensex closed 77 points higher at 40129, its second highest close ever,
while Nifty settled at 11881.
It seems
that markets are enjoying their merry days and are in no hurry to
provide a much awaited correction. For the coming session, immediate resistance
would be seen at 12000-12100 and a sustainable move beyond this would extend
this rally towards 12200. On the flip side, 11800-11700 are likely to act as
strong support levels unless
this zone is violated decisively, the bulls need not worry.
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Resistance: 12000, 12100,
12200
Support: 11800,
11700, 11600
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