Markets extended gains on Monday with the rally restricted mainly to Sensex Top 9 stocks helping Nifty to close above 19,300. The rise in India VIX along with the market move indicates caution at current levels as demand for hedges may prompt for sudden correction in the market.
For Nifty, although a further upside towards 19,786 is not ruled out the possibility of such an event is remote. We expect 19,200 to act as a reversal for the current up move.
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