Indian Market Outlook: Indian Benchmark Index Nifty is trading in a narrow range of 140 points from 8686 to 8826 from last six days.
Nifty yesterday closed at 8805 after making a low of 8754, the Index opened gap up at 8820 and made high of 8827. Bank Nifty closed at 20252 after making a low of 20117, the Index opened gap-up at 20273 and made high of 20309.
SBI was down by 1.76 percent, ICICI Bank was down by 0.16 percent, HDFC Bank was up by 0.59 percent and Kotak Mahindra Bank zoomed up 1.68 percent. Small Cap Index fell 133 points from high of 6668 to 6535 and closed at 6564, the index has a crucial support at 6522 (6-day low) below which next level is at 6403. Recent high of small cap Index is at 6707 which is its all-time high.
For the first time the cash market has shown profit booking for more than 100 points. Nifty Future is opening at 8836 as per SGX Nifty at 8:30 am IST, 15 points above its previous close of 8821.
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