After opening on positive market continued to trade in a range but the bias remained on the positive side. Markets extended the rebound for the second consecutive session and gained over a percent, tracking firm global markets. Buying in select heavyweights from banking and energy space helped the index to close around the day’s high as well. Consequently, the Nifty ended around 16955 zone; up by 1.1%.
Index managed to close a day above strong hurdle zone of 16900, now it will act
as strong support zone followed by 16850 zone and trading above said levels one
can expect a positive moment incoming session. So one can use buy on dip
strategy near mentioned supports, the immediate hurdle is coming near 17000-17050
zone.
Resistance: 17000, 17100, 17200
Support: 16900, 16800, 16700
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