The Indian market snapped its four-day losing streak on September as buying across the sectors saw the Sensex and the Nifty gain 0.91% each. The Sensex closed 534 points higher at 59299 and the Nifty jumped 159 points to 17691. After week-long consolidation, the Indian market was back in action despite unfavorable global sentiments. The momentum is driven by the expectation of better Q2 earnings backed by recovery in economic activity, second wave fallout not being severe and in anticipation of a better outlook from festival demand.
Tomorrow's move will depend on trade deficit numbers to be declared today. Sectors to focus will be banks, automobiles, metals & real estate. Markets will remain volatile this week. The Nifty has to hold above 17675 for an up move towards 17775 and 17850, while support is seen at 17600 and 17500.
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Resistance: 17750, 17800, 17850
Support: 17650, 17600, 17550
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