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Tuesday 22 October 2019

11,700 level likely to act as resistance for Nifty50

Traders should use any dip for creating fresh longs as the current trend is likely to remain bullish with Nifty moving towards 11,750-11,800 levels in the coming sessions.

            

After six days of consecutive gains, Indian markets took a pause on October 22 with Nifty ending well below 11,600 mark on the back of a sharp selloff in IT stocks led by Infosys which suffered its worst single-day drop in over six years.
From the derivative front, 11,700 levels for Nifty should act as a strong hurdle as of now as call writers are seen adding hefty open interest build-up at 11,700 call strike.

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