BUYING IN SELECT BLUECHIP COUNTERS SUCH AS ITC, MARUTI, ICICI BANK AND INFOSYS HELPED BENCHMARK INDICES TO SETTLE IN THE POSITIVE TERRITORY ON FRIDAY. THE S&P BSE SENSEX RECOVERED 212 POINTS FROM DAY’S LOW TO SETTLE AT 38,767, UP 160 POINTS OR 0.41 PER CENT. FMCG MAJOR ITC EMERGED AS THE TOP GAINER ON THE INDEX WITH OVER 3 PER CENT GAINS WHILE TATA MOTORS (DOWN OVER 1 PER CENT) ENED AS THE BIGGEST LOSER. THE BROADER NIFTY50 INDEX OF THE NATIONAL STOCK EXCHANGE (NSE) SETTLED AT 11,643.45, UP 47 POINTS OR 0.40 PER CENT, WITH 27 CONSTITUENTS ADVANCING AND 23 DECLINING.
During the day nifty has traded on a positive note and close at 11643. On a daily chart nifty is looking to take some more upside in coming days as stochastic has also given sell signal as we can see on the charts. Nifty is likely to test 11800 level .
Intraday resistance for nifty would be 11674 and 11720 and support is 11595 11547.
Our recommendation is to Buy Nifty above resistance and hold it for a level of 11800.
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