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Ø Nifty indeed reacted sharply as anticipated and we hope that short term investors had paid heed to our advice of getting out or lightening their long positions. Investors may also superimpose this with our intraday recommendation for shorting Nifty.
Ø Nifty has support on the downside around 6050, 6000, 5960 and then 5930. Bank Nifty similarly has support around 12180 and then 12060. Both the indices can take support at any of the above levels and reverse up.
Ø Nifty's support for 18/10 is expected around 6050 and then 6000 ( +/- 10 pts.).
Ø Commodities :
o Gold ( MCX near month) has good support around 19,745. Investors can hold longs with stop at 19739.
o Copper has similarly good support around 367 and then around 359 and has potential to touch 390.
o Silver has reached its first target. It is advisable to wait for a reaction and buy only on a reaction of Rs.1,000-1,500.
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