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NIFTY TODAY
A highly volatile trading day has ended
on positive note. Disappointed by the Q2 results of index heavyweights led by
lower margins, market lost the early gains. But in the latter part, these
losses were recovered due to sharp fall in oil prices and short covering ahead
the F&O expiry. Additionally, a recovery in the rupee and drop in yields
are expected to improve the liquidity situation supported by RBI's open market
operations. Markets started Wednesday's session on a strong note, before giving
up most of the day's gains in late morning deals. The Sensex bounced back 444
points to take out the 34000 mark. The sensex touched 34291 at the day's
highest point. The Nifty advanced 143 points to touch an intraday high of 10290.
Tomorrow is expiry of October F & O
derivative series and the index is trading lower than its
VWAP so
a bounce could again be sold in the market as bears are having upper
hand as the way market has fallen sharply in the last couple of weeks.
Volatility is not cooling down so traders are suggested to trade accordingly. Tug
of war and volatility could continue in the street. Now till it holds below 10250
-10200, it could slip towards its crucial support and recent swing low of 10150
-10100. While on the upside, multiple hurdles are seen at every small bounce.
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Resistance: 10300, 10400
Support: 10200, 10100
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