Bulls extended surge for the third consecutive session and gained over 2%. The indices started the Wednesday on a positive note despite mixed global cues and gradually inched higher as the day progressed. Healthy buying was witnessed across the board wherein metal and banking emerged as top gainers. Besides, the noticeable surge in the index major, Reliance, in the last hour further fueled the rally. Consequently, the Nifty ended with healthy gains of 2.2% near day’s high at 15246 levels. The broader markets too ended in positive in the range of 1.3-1.5%.
Participants are taking comfort from the domestic factors such as decent macro data, earnings upgrades and steady progress of vaccine drive. Importantly, Nifty has reversed the last week’s decline and indications are pointing towards a further surge ahead. We remain cautiously optimistic on the markets and suggest focusing more on the selection of trades. Nifty continues to remains in a medium term uptrend. We believe any meaningful correction is an opportunity to buy for 15700 and higher. Immediate range is seen at 15300-15500. Auto and Banking stocks look attractive at current levels; IT stocks also expected to trade with positive bias.
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Resistance: 15300, 15400, 15500
Support: 15200, 15100, 15000
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