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Market
Outlook:
The markets witnessed selling pressure across
the board and ended in red. All the major sectoral indices ended in
red, Realty and Metal counters being the worst hit.
Nifty:
Nifty witnessed selling pressure and ended in
red. Nifty has closed below its short term moving averages and the
negative crossover of the RSI indicates that the short term trend
has turned negative. Resistance is seen at 5980/6000 levels and
major positive development can be seen only if Nifty closes above
this level until then expect selling pressure to continue at higher
levels.
Support:
Major support level 5820/5800.
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Investment
Ideas
- Zee
Entertainment @
Rs. 222 (Target Price: Rs. 275)
Trading
Ideas
- Positive
bias - Indiabulls Finance (Target 300) & Maruti (Target 1600).
Traders maintain stop loss
accordingly.
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