Markets started the new trading week on a bullish note led by positive global cues and strong earnings from TCS. The Nifty managed to end with fresh record high with gains of 1% to close just shy of 14500 levels. At close, the Sensex was up 486 points at 49269, and the Nifty was up 137 points at 14484. The anticipation of better than expected earnings season combined with supportive global cues aided the upbeat start.
Going forward, stock-specific volatility would remain high as earnings season would gain pace. Further, key macro data like CPI, WPI and IIP would also be actively tracked by investors. Amid all, we reiterate our positive yet cautious stance on markets and advise aligning positions according to the prevailing trend. The Nifty is trading very close to the 14500 level if it can sustain above this on a closing basis, we should anticipate it to go up further to levels closer to 14700-14900. The overall market remains bullish with a good support at the 14300-14100 zone. Traders must trail position with strict stop loss.
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Resistance: 14500, 14700, 14900
Support: 14300, 14200, 14100
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