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The market ended lower after six consecutive weeks of the rise and lost nearly a percent on Monday. Participants were in the profit-taking mood from the beginning, citing feeble global cues and not so encouraging domestic data.
Also, continuous weakness in the rupee against the dollar further dampened the sentiment. In line with the benchmark index, sectoral indices too witnessed decline while pressure was severe on the broader indices.
Global sentiment and weak rupee are currently dictating our market trend. We feel sustainability would be difficult at higher levels thus we advise using rebound to reduce naked leveraged positions.
The Nifty would face resistance within 11,700-11,800 zone while the next major support is at 11,300. In between, volatility will remain high on stock specific front.
Private banks, auto, pharma, IT and metal counters look comparatively stronger to us while pressure may continue on PSU banking counters and realty stocks. Traders should focus more on stock selection and position management aspects.
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