"Both indices opened positive on global cues, however, selling at higher levels and lack of follow up buying brought indices to flat to marginally positive close at the end of the trading. Interesting feature is US markets are also following similar trend. Overnight both Dow and Nasdaq have closed flat after opening positive. DLF IPO has received interest from QIBs and shall be oversubscribed in the Institutional category when it closes on 14th.
5% correction level from top of Nifty is placed at 4144.80, where as for Sensex it is at 13987.69. Currently 4145 is being protected on closing basis by bulls, though sensex is yet to test the level of 13987.69, gives hope that markets might trade between these levels and the top for some time to consolidate and move upwards.
The day's range for Nifty shall be 4100 (Support) and 4250 (Resistance); Sensex shall be 13950 (Support) and 14400 (Resistance)
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