8 October 2018


The Nifty remained highly volatile throughout Monday’s trading session, but recovered sharply by around 200 points from its intraday low and immediate crucial support of 10200 led by gains in banks, auto and oil and gas stocks.  The  Sensex traded within a range of over 660 points and ended 97 points higher at 34474 points. The Nifty held on to the 10300 levels and closed a tad below the 10350-mark at 10348 points, up 31 points. The Nifty touched an intra-day high of 10398 points and an intra-day low of 10198 points.
It formed a Hammer candle on the daily scale and closed positive, after seeing weakness in last three sessions. The index has taken support at its rising support trend line formed by connecting its major swing low of 10200 and also turning from its lower band of the rising channel as per the weekly scale.  Now, it has to hold above 10350 to extend its bounce towards 10400 and then 10450 and 10500 levels, while on the downside, 10200 could act as an immediate support to arrest the decline of last five weeks. 
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Resistance: 10400, 10450
Support: 10250, 10200

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