Market has given strong closing on Tuesday on the back of positive global cues and optimism over economic growth amid the easing of COVID-19 related restrictions by the states. The unlocking in the country has manifested itself in improving performance across various high frequency industrial and service sector indicators, mobility and toll collections in July 2021. Benchmark indices ended higher with Nifty above 16600 led by the metal, pharma, banks and power stocks. At close, the Sensex was up 403 points at 55958, and the Nifty was up 128 points at 16624.
It
seems the index is forming a fresh consolidation zone in the range of 16350-16650
zone as last two days we have been witnessed a choppy move in the same range
which suggest traders can use the same rage for trading purpose, going forwards
immediate support is coming near 16450-16380 zone and resistance is coming near
16560-16680 zone. The market witnessed some positive movements and an attempt
to hold the support level around the Nifty Index level of 16600. It is going to
be crucial for the short-term market scenario to sustain above the 16600 level.
Sustaining above 16600, the market expects to gain momentum, leading to an
upside projection till 16700 level. Technical indicators suggest a volatile
movement in the market in a small range between 16500-16700.
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Resistance: 16650, 16750, 16850
Support: 16550, 16450, 16350
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