New week new high !!! Nifty hits fresh record high & closed above
12300 mark supported by positive global and domestic cues. The Sensex
scaled fresh peak of 41899 in the early morning trade today. It, settled the day
at record closing high of 41859 level, up 259. The Nifty too, hit a record high
of 12337, surpassing its previous high of 12311 hit on Friday, January 10. At
close, the index was at 12329 level, up 72 points. The official signing
of Phase-1 of US-China trade deal, scheduled for January 15, coupled with
recovery in the industrial production data lifted the market sentiment.
Besides, healthy December quarter numbers by IT bellwether Infosys and appreciation
of rupee to a one-month high kept sentiment buoyed.
We expect market would remain volatile in the near term. The index formed a bullish candle on the daily scale and needs to hold above 12300 to extend gains towards 12400, and then 12450 -12500 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 12200 and then 12100 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 12000.
We expect market would remain volatile in the near term. The index formed a bullish candle on the daily scale and needs to hold above 12300 to extend gains towards 12400, and then 12450 -12500 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 12200 and then 12100 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 12000.
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Resistance: 12400, 12500
Support: 12200, 12100
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