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Indian equity benchmarks held steady
gains into Tuesday's close after paring some gains midday. The headline indices
rose for the seventh consecutive day, with the S&P BSE Sensex Index topping
60,000 while the NSE Nifty 50 Index topped 17,700. On Wednesday, TCS will kick
off the fourth quarter earnings season with clues as to how Indias I.T. Bellwether
plans to master the US banking crisis. Infosys, which reports its quarterly
results a day later, will also be in focus, especially since its BFSI leader is
on track to lead a rival company. The S&P BSE Sensex Index closed up 311
points at 60157, while the Nifty Index was up 98 points at 17722. Nifty
remained volatile throughout the session as traders awaited CPI data scheduled
for tomorrow. The index has held above the critical moving average. Also, the
Nifty has so far held above the crucial 17550 support level. Market will remain
buy on dips as long as index stays above 17550. Immediate support is visible at
17650. On the upper end, the rally could extend towards 17800 /17900.
Resistance: 17400, 17500, 17600
Support: 17300, 17200, 17100
Good kip it up
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