Bulls become enthusiastic
after the hope of new Covid-19 vaccine developed by Russia. The Sensex and
the Nifty ended higher on Tuesday after touching five-month high during
intraday trade as metal and select banking stocks witnessed buying. The Sensex
ended 224 points higher at 38407 while the Nifty settled 52 points higher at 11322.Positive
Asian shares amid signs of a recovery in Chinese economic activity powered
gains in metal stocks, while less worse-than-feared domestic earnings
reported by companies helped sentiment.
After a sharp rally in the last few days, we expect a minor correction in benchmark indices before the rally resumes. With US election now approaching, global clues will dominate market sentiments. As we move into Wednesday, we believe the range of 11275 -11375 will be critical. For the bulls, upper level of descending triangle and the 89-day exponential moving average act as a very strong resistance. It will be difficult to predict which way markets are headed until we see a decisive break on either side of the range.
After a sharp rally in the last few days, we expect a minor correction in benchmark indices before the rally resumes. With US election now approaching, global clues will dominate market sentiments. As we move into Wednesday, we believe the range of 11275 -11375 will be critical. For the bulls, upper level of descending triangle and the 89-day exponential moving average act as a very strong resistance. It will be difficult to predict which way markets are headed until we see a decisive break on either side of the range.
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Resistance: 11375, 11425
Support: 11275, 11200
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