The Nifty50 rebounded
after two-day losses and extended rally as the day progressed despite
volatility in the rupee which touched 70-mark per dollar for the first time on
Tuesday.The index closed
decisively above psychological 11,400 levels despite mixed global cues, forming
bullish candle on the daily candlestick charts.The rally was broad
based as all sectoral indices ended in the green with Pharma leading the charge
with 3 percent rally. The broader markets also participated in the upmove, with
Nifty Midcap index rising a percent.The Nifty50 after
opening higher at 11,381.70 extended gains as the day progressed and crossed
11,400 levels to hit an intraday high of 11,452.45. The index closed 79.30
points higher at 11,435.10.The index formed bullish
candle but technical oscillators on lower time frame charts are still on
sell mode which is a cause for concern.Bank Nifty opened positive and managed
to rebound towards 28,050 zones
Resistance: 11400, 11450, 11500
Support: 10350, 10300, 10250
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