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On December 11th, the benchmark stock indices displayed volatility but ultimately closed on a positive note, with the Nifty reaching around 21,000. The Sensex concluded the session with a gain of 102 points at 69928. while the Nifty was up 27 points settling at 20,997. Analyzing the daily chart, it is evident that the Nifty is consolidating within the range of 20,850 to 21,000. Overall, the Nifty is maintaining a robust bullish trend with support levels identified at 20,850 and 20,800. For positional traders, it is recommended to hold Nifty positions with a stop loss at 20,850.In terms of sectors, there were gains of 0.5-1 percent in PSU Bank, FMCG, capital goods, power, metal, and realty, while the pharma index witnessed a decline of 0.4 percent. Notable gainers on the Nifty included UPL, UltraTech Cement, Bajaj Auto, Adani Enterprises, and LTI Mindtree. Conversely, the losers were Dr. Reddy's Laboratories, Cipla, Axis Bank, BPCL, and M&M. The index is supported by a zone around 20,850-20,800. Examining the Open Interest (OI) data, the highest OI on the call side is noted at 21,100, followed by 21,500 strike prices. On the put side, the highest OI is observed at the 20,900 strike price.Shifting focus to Bank Nifty, it finds support at 47,000-46,700, with resistance levels identified at 47,600 and 48,000.
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