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The writers expect the index to face resistance near 11,235 — the Nifty’s 40-day moving average. On the lower end, they expect 10,844 to hold. On Thursday, the index hit a low of 10,790.2, which was close to the 200-DMA of 10,757. “The hurdles, for now, are the 40- and 20-DMAs (11,354),” said Rohit Srivastava, founder, IndiaCharts.
Chandan Taparia, analyst at Motilal Oswal, has initiated a bull call spread, expecting a 150-point upside move from Friday close. Taparia feels the market will be “sell on rise”, with banking being a laggard.
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