Markets started the week on optimistic note led by supportive global cues. The news reports that the US President is recovering well, aided market sentiments. After a strong opening, the Nifty index witnessed some profit-taking at higher levels but managed to end the session with gains of 0.8% to close at 11,503 levels. Markets are closely following global events and the upcoming earnings season would further add to the volatility. We suggest maintaining a positive yet cautious approach and giving preferring to index majors. Nifty has next hurdle at 11600. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 11450 and then 11400 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 11300.
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Resistance: 11600, 11700
Support: 11450, 11300
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