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Market
extended losing streak to second consecutive session, nifty future losing over
100 points in two days. All eyes would be on the FED's decision on the
interest rates and the tone of the commentary of future rate trajectory.
Gujarat state elections outcome, which will be announced on December 18, 2017,
as well as Crude oil prices, will act as important factors in dictating terms
in the coming days. Nifty ended below 10250 level, which indicates
further weakness is on the cards. As expected Nifty future fell to the 10190
levels. If the current momentum extends further then we expect some more
minor corrective move for the Nifty future, which could take the index
retesting its immediate previous low of 10030. Bank Nifty, on the
other hand, fell sharply and closed exactly at the psychological 25000 mark,
which is also the crucial horizontal line support zone. Going forward, the
24750 level is likely to act as a strong support zone for the Bank Nifty. While
the upside will be capped around the 25400 resistance zone.
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