Markets opened lower in the wake of extremely weak global cues and traded with negative bias throughout the
day to close in red. We maintain our view that till the higher bottom of 16550 / 4960 is intact, the markets have
fair chance of a bounce back. In the coming trading session if indices trade convincingly above 16817 / 5046
levels then it can test the 16871 – 16925 / 5060 – 5093 levels. On the downside 16700 – 16612 / 5000 – 4980 levels remains support for the day.
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