Nifty is
back to 11000 after 4 months of struggle. HDFC Bank's upbeat earnings helped
market to move up in such difficult time where coronavirus cases are rising day
by day. The Sensex closed the day up by 400 points at 37418 & Nifty closed
the day up at 11022.
The earnings results
declared so far have been positive, as the sectoral leaders, especially in the
IT and banking sector, have emerged better than expected in a quarter that was
considered to be a washout, in terms of business. Uptrend may continue but it
will be stock specific and investors seem to be looking at the earnings
commentary for further direction.
The index formed a bullish candle on
the daily scale and needs to hold above 11000 to extend gains towards 11100,
and then 11200 -11300 zone. Overall setup and momentum is positive and a
hold of recent zones could extend rally, while support exists at 9900 and then 9800
levels. It has been making higher top and higher bottom formation and supports
are gradually shifting higher with medium term support at 9500.
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Resistance: 11100, 11200
Support: 9900, 9800
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