Markets started the week on bearish
note following weak global cues. The resurgence of cases in the US and rising
cases in India impacted sentiments. Also, the lingering border issue between
India-China too weighed on the sentiments. The Nifty, after the gap down start
consolidated for the day in 100 points range and finally settled around the
upper band of that range to close at 10312 levels.
Market has been strong
for past few sessions giving an early indication of the buoyancy and value in
the broader markets. While the market gains could extend in the coming
sessions, we prefer to remain cautious at higher levels. Nifty is headed for 10500-11000
in the near term. We have continued to maintain bullish stance on the markets
even during the downside which has worked very well. Metal sector is likely to
surprise on the upside. Immediate support is placed at 10000 zone.
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Resistance: 10377,
10443, 10493
Support: 10261,
10211, 10145
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