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Published on 24/04/2020 6:34:08 PM | Source: Emkay Global Financial Services

Nifty to break through resistance in the 9300-9400 range by Mr. S Hariharan, Emkay Global

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Below is the Market Quote by Mr. S Hariharan - Head - Sales Trading, Emkay Global Financial Services

“Nifty was down 1% for the week, though the trend of higher highs and lows continues to be maintained for a third week in succession. Strength in the face of adverse macro news flow was evident with wider market breadth; among sectoral indices, Energy and Pharma indices were the strongest, while Banks and Autos were the weakest. INR has been largely stable with FII flows neutral, adjusted for stock futures flows. A stable foreign flow environment, combined with news flow on fiscal stimulus can act as the base for Nifty to break through resistance in the 9300-9400 range, which also represents 38.2% retracement level for the index.”

 

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