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Markets ended slightly higher in a highly volatile trading session, taking a breather after the recent decline. The benchmark continued to fall after the flat start, but the recovery in select index majors helped the index erase losses. Finally, the Nifty Index closed at around 17266 levels. A mixed trend was observed among sectors, with real estate, capital goods and industrials ending losses, while the metals and PSU bank indexes posted modest gains. Broader markets remained under pressure as both mid-cap and small-cap closed down 0.8% and 1.8%, respectively. We've been on a rollercoaster ride since the Union Budget and the planned MPC meeting should keep volatility high. Also, the global cues do not paint a favorable picture either, so participants should maintain their cautious stance and limit leveraged positions. The indices Sensex and Nifty ended a choppy session with modest gains on Tuesday 8 February, ending a three-day losing streak amid mixed trends in global markets. Gains in auto, metals, pharma and PSU bank stocks drove the leading indices higher, although losses in IT and oil & gas stocks limited upside. The Nifty opened on a positive note only to attract a fresh round of selling near 17350. The index then fell towards the 78.6% retracement of the recent rise, i.e. Overall, the structure shows that the index is forming a triangular pattern and found support as it neared the bottom of the pattern, which is near 17050. Over here, the Nifty is expected to form a base for itself and begin to recover. On the higher side, 17350-17450 is a short-term hurdle zone, beyond which expect major upside potential to 17700 . If we break 17000 on close base, market can further fall to 16900-16800. On the upside there is resistance at 17500 and we would need to close above it for the index to turn bullish.
Resistance: 17350, 17425, 17575
Support: 17200,
17000, 16800
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