We saw that the Nifty opened with an upside gap at 5451 levels in the morning session. After that, the markets slowly retraced to 5370 levels. There after, the afternoon session saw some upside movements for the markets and the markets were trading in the 5400-5450 levels. Ultimately, the Nifty closed very strong for the day at 5441, (+2.14%) above its previous close. The advance: decline ratio was though flat at 598:542.

The American Markets have closed negative. Asian Indices are trading with a positive bias. We expect a positive opening for our markets after yesterdays strong rally. But, the afternoon session can see some volatility and the markets can drift to 5400 levels. Hence, we expect to close flat to slightly positive for the day. We can see that the markets have closed at its all time high levels of 5441 today. We have had a major up move for our markets today after yesterdays strong rally. We have observed that the markets are currently taking support at its 3-day Moving average at 5337 levels. Hence, going forward we can expect the markets to slightly consolidate in the 5400-5500 levels.

We can see that this sector has closed very strong at 16631 levels today, which is (+4.37%) above its previous close. We, also notice that the sector has got a strong support at its 7-Day moving Average at 15350 levels, which is unlikely to be tested in the short term. Hence, we expect this sector to move towards 17000 levels in the short term. We like LT and BHEL in this sector.

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