Key indices fell sharply as reports of hostility between the South and North Korea further dampened sentiment, already hit by European debt worries. However, a late recovery from the support of 5,800 in afternoon trading session helped Nifty to trim much of its losses. Going ahead, the undertone continues to be fragile given the anxiety surrounding the geo-political concern, Indian political scandals and Euro zone situation.
The market is now in a correction phase. The long term trend remains up. Nifty likely to face resistance around 6,000, if rallies and could find support levels at 5864-5830. The market is likely to remain volatile in view of expiry of derivatives due on 25th November.
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