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The market continued its bearish run and tested major psychological marks last week, pressurised by weak domestic cues and not so encouraging earnings announcements.
The news of declining forex reserve, rise in import bills and continuous outflow of foreign funds dented market sentiment. Besides, volatility, mainly due to F&O expiry, added to the worries.
Though the market tried to recoup losses for some time but selling pressure in the last two sessions pushed the bulls completely on the back foot.
Among the benchmark indices, Nifty breached its crucial support at 10,100 and settled around 10,030, down 2.65 percent for the week ended October 26.
However, Monday’s trading session came as a respite for the bulls as the index managed to bounce back over 200 points and closed at 10,250.
Although, earnings have failed to trigger any meaningful rebound so far. Put together, negatives still have an edge despite Monday’s strong rally.
The Nifty has immediate and crucial support at 9,950 and its breakdown would further worsen the situation. In case of rebound, 10,350-10,450 zone would act as a hurdle. We reiterate our view to focus more on stock selection and prefer hedged trades.
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