Markets started the week on strong bullish note in continuation to the prevailing uptrend and ended marginally higher. The benchmarks opened gap-up following supportive global cues however mixed trends across heavyweights capped the move. Healthy buying interest in IT pack and Reliance kept the tone positive however subdued performance of banking majors capped the upside as the day progressed. Finally, Nifty settled at 17377 up by 54 points.
Markets
are steadily inching higher, tracking favorable global markets and supportive
domestic sentiment. We may see some consolidation ahead and it would be
healthy however there’ll be no shortage of trading opportunities on the
stock-specific front. Considering the recent momentum, it’s prudent to look for
strong counters to accumulate on dips. As long as the index is trading
above 17325, the uptrend texture is likely to continue up to 17455-17525
levels. On the flip side, if Nifty trades below 17300, it could trigger an
intraday correction up to 17255-17000 levels.
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Resistance: 17400, 17450, 17500
Support: 17, 17250, 17200
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