Bears took the charge of Dalal Street on 26 October 2020 which pulled the Nifty below 11800 and Sensex by 500 points. Market saw more than 1% cut today as several countries in the European Union are slated to go into a lockdown. At close, the Sensex was down 540 points at 40145, and the Nifty was down 162 points at 11767. Auto stocks were pounded today on apprehensions of a softer festive season and the late afternoon selling in Metal stocks pushed Indices into red during the earnings season. Value Buying was witnessed today in Insurance companies and Midcap Cement.
We threatened the lower end of the range by piercing 11725 on an intraday basis but the Nifty was quick to bounce back to close above it. If the level of 11700 is breached, we can slide down to targets closer to 11600-11500. The resistance on the upside is at 12000.
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Resistance: 11950, 12000, 12050
Support: 11700, 11650, 11600
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