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Sensex (37319) / Nifty (11222)
In spite of SGX Nifty indicating a weak opening, our markets witnessed a flat start. The rub-off effect from the previous session, however, pulled index immediately towards 11100 mark. Subsequently after forming a base around 11100 for the first half bulls staged a strong bounce back to mark intraday high of 11294. However, once again volatility hit the market during the last hour as Index witnessed wild swings and eventually ended at 11222 with gains of 74 points. It seems the global chaos created by the trade war between U.S and China is behind us and the next move is likely to be from the development of upcoming election verdict. Yesterday, the way broad-based buying was seen with a good increase in volume indicates that we are now likely to see a pre-election result rally. In today's session, the last two sessions high around 11300 will be watched above which one can expect an extension of bounce towards11370-11450. The volatility, however, will continue to haunt ahead of the key event and hence traders are advised to trade with proper exit setup. On the flip side, 11180 followed by 11100 can now act as immediate support.
Nifty Bank Outlook - (28829)
Although the global markets indicated a negative sentiment in the morning yesterday, the Nifty Bank index opened marginally positive. On a minor dip, the index took support at the 89 DEMA and rallied higher during the day to even surpass the previous day's high by few points. However, the index gave up some of the gains in last hour of the trade to end the in session up by more than half a percent. The 89 DEMA support played its role in yesterday's session and the index showed a decent up move in spite of the negative global sentiment. Yesterday's low now becomes crucial support and if this remains intact, then the pullback could continue. Hence, traders can look to buy selectively with a proper exit strategy. The near term supports are placed around 28580 and 28390 whereas resistances are seen around 29125 and 29200.
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