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SGX Nifty is suggesting a decent gap up opening after a brutal fall of yesterday where Nifty ended near its 50-DMA of 10572. In upside 200-DMA of 10750 has become crucial resistance therefore technically we have a trading range of 10570-10750 but the market could remain volatile ahead of big event of state election results. The initial gap up could be sold into but after then the market could stabilized around 10 am for another leg of recovery if global market won't show further weakness. Traders are advised to play cautiously with stock and sector-specific approach.
Banknifty has a trading of 26500-26000 ahead of a big event where any decisive move from this zone will dictate further direction from here. 26400 could act as a first supply point after the gap up opening.
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