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The
Sensex and the Nifty ended with over 2% gains on Wednesday on hopes of further
stimulus from the government to support economic recovery. The Sensex rose 622.44 points or 2.06% to close at
30818 while the Nifty settled 187 points higher at 9066. In an interview Finance
Minister Nirmala Sitharaman said the government would assess the need for
further economic measures as the situation evolves. "As we go along, we
will see. We cannot shut the doors," she told these to the newspaper, when
asked if there would be another economic package.
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 9000 to extend gains towards 9200, and then
9350 -9500 zone. Overall setup and momentum is positive and a hold of
recent zones could extend rally, while support exists at 8800 and then 8600
levels. It has been making higher top and higher bottom formation and
supports are gradually shifting higher with medium term support at 8500.
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Resistance: 9300, 9500
Support: 8800, 8500
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