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Sep 29,2020-Nifty may have a jittery start, protect profits at higher levels.

In tune with overnight global cues and stable Asian markets, a strong pullback in the market continued for the second day in a row as Nifty opened positive, got stronger during the day, and ended with substantial gains. After the positive opening, the index stayed in an upward rising trajectory for the whole day while showing no signs of any corrective intent.


While continuing to maintain stable gains during the day, the market was not as volatile as expected. Nifty managed to maintain the levels near its high point and ended with a strong gain of 177.30 points or 1.6 percent.


The market may get a little jittery once again on Tuesday. Nifty will find overhead resistance at 11,260 and 11,310, while the support will come in at 11,165 and 11,060 levels.


Going ahead, we may see some more short covering happening but at the same time, also see upsides staying capped at current levels. There are high probabilities that Nifty finds resistance at current and higher levels. So, in the event of any continued pullback, it is recommended to stay vigilant and protect profits at higher levels. A cautiously positive approach is advised for the day.


Nifty (11228) 11106-204 is a possibility as long as 10900 holds’ the Nifty unfolded as expected and achieved our target and closed in the green…technically now 11302-11375 is a possibility as long as 11106 holds…


Nifty Bank (21666) 21303 is a possibility as long as 20750 holds’ the Nifty Bank unfolded as expected and achieved our target and has closed in the green…technically now 21859-22068 is a possibility as long as 21303 holds…

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