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The Indian equity market broke two-day winning momentum and ended lower in a highly volatile session on November 9. The Sensex was down 151 at 61,033.55, while the Nifty was down 45 points at 18,157.Despite mixed global cues, the Indian market opened on a positive note .however, as the day progressed, the indices erased gains and turned negative with Sensex slipping below the 61,000 level. All eyes are now on the Inflation data expected this week as supply-side issues coupled with domestic demand would play a part given the way retail fuel prices have been behaving. Hindalco Industries, Power Grid Corp, Divis Labs, Tech Mahindra and Grasim Industries were among the top Nifty losers, while gainers were Adani Ports, Coal India, ITC, Dr Reddy’s Labs and Hero MotoCorp. Among sectors, except Nifty PSU Bank and FMCG, all other indices ended in the red with pharma, metal, auto and energy down. Nifty is currently in positive trend. If you are holding long positions then continue to hold with daily closing stop loss of 18030. Fresh short positions can be initiated if Nifty closes below level 18030.
Resistance: 18160, 18250, 18340
Support: 18140, 18030, 17960
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