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Markets staged a relief
rally after eight sessions of losses as broad-based buying on short covering
and an uptrend in European and select Asian indices supported sentiment. The
rebound was expected as the market had seen relentless selling for the past
week or so on weak global cues and concerns of a slowdown. Indian benchmark
indices closed positive on March 1st with Nifty around 17450. Finally, the
Sensex rose 448 points to 59411 and the Nifty rose 147 points to 17450.
A promising reversal
formation and a strong bullish candle suggest another uptrend in the near
future. For the traders, 17400 would act as a sacrosanct support zone and above
the same the positive momentum is likely to continue till 17600 -17650. On the
other side, below 17325 uptrend would be vulnerable.
Resistance: 17500, 17600,
17700
Support: 17400, 17300, 17200
what is target for nifty in this week ?
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