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Domestic stock markets mirrored sentiment on Wall Street as weak economic data and disappointing earnings dragged US stocks to a weak close on monday. However, the market gradually recovered after a rise in US futures, with gains from technology companies providing support. Adding to investor concerns over a possible recession, US consumer confidence data for April hit a nine-month low ahead of the forthcoming Fed policy meeting. Benchmark indices closed higher on April 26 with Nifty above 17800. At the close, the Sensex was up 169 points, to 60300 and the Nifty was up 44 points, to 17813. Investors are likely to have their positions covered ahead of Thursday's monthly F&O close. Markets shaking off global weakness are an indication that our fundamentals remain intact and investors are willing to remain risk-on in Indian equities. But ahead of next month's Federal Reserve policy, markets could take cues from the global direction to exercise caution. Technically, the market is floating between 17750 -17850 price ranges after a reversal formation. For the bulls, 17850 would now be the range break zone. Above that, the index could rally as high as 17875 -17925. On the upside, the release of 17950 could accelerate selling pressures. Below that, the index could slip as low as 18000 -18200.
Resistance: 17850, 17900, 17950
Support: 17800, 17750, 17700
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