Indian stock market rebound and ended with gains of ~1%, after the sharp decline in the previous session. It opened with an uptick amid mixed global cues and hovered in a range in the first half. However, healthy buying in the IT and pharma majors combined with some recovery in the other sectors helped the market to pare intraday losses and settle around the day’s high as well. Consequently, the Nifty ended around 13466 levels; up by 1%. The markets too witnessed recovery and both the midcap and smallcap index posted decent gains.
We expect volatility to
remain high in the following sessions too. Traders should proactively manage
their positions and avoid unnecessary overnight risk. We threatened the
lower end of the range by piercing 13250 on an intraday basis but the Nifty was
quick to bounce back to close above it. If the level of 13400 is breached, we
can slide down to targets closer to 11250-11200. The resistance on the upside
is at 13550.
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Resistance: 13550, 13600,
13650
Support: 13300,
13250, 13200
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