Indicators on the daily chart were largely oversold which were pointing to a short-term breathing on the way for bulls. With September expiry in sight, There was some short covering seen in stocks while the losers that were brutally beaten down continued to remain subdued today with the loss of 5 – 10%.
Much things in short-term will depend on Crude for the Indian market as Brent touched a new multi-year high scaling to $80 and that is something worrisome for Investors. This will have a direct implication on CAG and further will dampen the sentiment in near term. Infrastructure output this week will also be crucial as it was up previously at 6.6%.
We maintain a cautious stance as there may be some consolidation in short-term with the range being 11250 – 10950. Further, we expect expiry to be in the range of 11200 – 11150. A cautious approach will be taken with sell on advances towards resistance placed at 11200 zones while a close above 11325 will dampen the bearishness in the medium term.
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