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The dream run continued on
Dalal Street as the benchmark indices settled to new closing highs for the
fourth consecutive month. At the close, the Sensex was at 65479, up 274 points.
During the day, the 30-stock index breached the 65650 mark to hit an all-time
high of 65672. Likewise, the NSE's Nifty ended at 19389, up 66 points. During
the session, the nifty hit an all-time high of 19434 points. Nifty Bank hit an
intraday high of 45655. The cushion
provided by Indian markets due to their strong fundamentals is offsetting some
of the negative catalysts seen in major developed economies, and the strong
support from FIIs over the past few weeks is a testament to this. Nifty
has formed a leggy doji pattern after four out of control gaps, suggesting the
bulls are in a mood to book some gain after a fantastic rally. The market could
consolidate amid a sharp rise, although the stock-specific move could continue.
However, with a break; The market would try to test 19600-19700 in the coming
days. OI data suggests that on the call side the highest OI was observed at a
19500 strike price, while on the put side the highest OI was 19300 followed by
a 19200 strike price. Investors can add this high-quality stocks from the Auto,
FMCG and IT sectors. While traders are advised to also book some gains and buy
on the decline, the India VIX could surge higher in the coming days while the
Nifty PCR settles at 1.48.
Resistance: 18700, 18800, 18900
Support: 18600, 18500, 18400
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