A lackluster
trading session ended on record high level led by gains in index-heavyweights
HDFC, ITC, Axis Bank and TCS!!!! The Sensex closed 93 points higher at 41952,
while the Nifty rose 33 points higher to close at 12362 points. Earlier in the
day, Sensex gained as much as 134 points to hit an all-time high of 41994.
Meanwhile, Nifty gained 44 to scale intraday record high of 12374. Washington's decision to lift its
designation of currency manipulator on China has added to the positive mood
that has been already in place ahead of the signing of the trade deal.
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.
Resistance: 12400, 12500
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