From the November 7 low of 25,318 and the recent record high on the Nifty of 26,325, the 50% retracement of that range comes up to 25,821, which many technical analysts are also expecting the Nifty to tumble towards before any further buying interest emerges.
The Nifty Bank has managed to defend a key level but will look to reclaim the mark of 59,000 on the upside as well.
Activity in the broader markets will remain stock-specific, with HZL and Hind Copper in focus yet again after the precious metals saw a sharp sell-off overnight. Also watch for Reliance Industries, exits in the top brass of some companies like Waaree Energies, and of course, the F&O adjustments today.
Watch this space for all the live updates.
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