Bulls continued with its
winning streak for yet another day. The nifty posted a positive daily close for
the fifth consecutive session. EU leaders have finally reached an agreement on
a massive stimulus plan to combat the pandemic impact. News about successful
progression of Covid-19 Vaccine trials also boosted the global markets while
positive quarterly earnings results, especially from the leaders, provided an
additional support to the Indian markets. At close, the Sensex was up 511
points at 37930, and the Nifty was up 140 points at 11162.
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 11000 to extend gains towards 11300, and
then 11400 -11500 zone. Overall setup and momentum is positive and a hold
of recent zones could extend rally, while support exists at 10900 and then 10800
levels.
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Resistance: 11300, 11500
Support: 10900,
10700
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