The market clawed back above day’s low and closed in the green as the market expects a faster economic recovery owing to the PM's announcement on free inoculation for all citizens. PSU Bank was the top sectoral performer on reports of the government finalizing Central Bank of India and IOB for privatization.
The market witnessed some swift recovery from its short-term
support around the level of 15500. The market's level should range between15500-15900
and it is going to be crucial for the short-term market to sustain above 15500. Technical
evidence is aligned to support the bullish case scenario. As such, investors
should buy on intraday correction and look for exit around 15900 in the short
term. Momentum indicators like RSI and MACD are showing positive
divergence, indicating the recovery is most likely to continue and the market
may test the 15900 level.
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Resistance: 15800, 15900, 16000
Support: 15700, 15600, 15500
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