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October 21 saw Index touch a record high to 18,604.45. This happened because of these reasons:
1. Decreasing COVID cases in India and no increase in cases even after a lot of festivals in the month.
2. The International Monetary Fund, as well as India’s central bank, this month estimated the nation’s gross domestic product will grow 9.5% in the year ending March 2022. This data is the quickest among major economies. Compare to last year same time the GDP of India contracted 7.3%.
3. Manufacturing sector saw the fastest growth giving signals that the economy is moving in the right direction.
After reaching new highs profit booking was obvious. Due to this, the index reversed from the higher level mainly coming in the private banks, IT, FMCG and Financial services sectors.
A medium-term decline cannot be ruled out for Nifty. However, the fall will not be steep.
If there is profit booking in stocks Nifty will find support at 17,000 levels and then buyers will take charge and may take the Index to 19,000-level.
So medium-term support for Nifty as in November 2021 is 17,000 and resistance is 19,000.
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