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The bulls
have done very well for themselves today. We kept above 10500 the entire day
and any small dips were bought into. The Sensex was shot up 450 points to hover
around 35870 level. The index had breached the level of 36,000 in intra-day for
the first time since March 11. The broader Nifty50 index was testing
10,600 levels. The Sensex climbed 429 points to end at 35844 Nifty settled
at 10552, up 122 points. The gains were supported by IT and Auto indices.
Global indices were positive following news of encouraging trials of a vaccine
being developed for the virus. Global markets are awaiting US employment
figures, due out later today, to see the progress of the US economy and its
resultant impact on global economic growth.
Market has sustained their
momentum while upsides seem to be limited. Investors are advised to watch out
for any signs of trend reversal and keep booking short term profits.
The index formed a
bullish candle on the daily scale and needs to hold above 10500 to extend gains
towards 10600, and then 10650 -10700 zone. Overall setup and momentum is
positive and a hold of recent zones could extend rally, while support exists at
10400 and then 10300 levels. It has been making higher top and higher
bottom formation and supports are gradually shifting higher with medium term
support at 10200.
More about intraday tips Whatsapp On 9039542248
Resistance: 10600, 10700
Support: 10400, 10300
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