Nifty should ideally close above 10650-10700 levels, else the selling pressure could drag the index towards crucial support placed at 10,440-10,333 levels.
The Nifty50 recouped morning losses and climbed 10,500-10,550 levels to close just a shade below its crucial resistance levels of 10,600 levels on Tuesday while for Sensex it reclaimed 35,000 levels.
Robust IIP data for the month of September, cool off in inflation numbers as well as fall in crude oil prices added to the tailwind.
Sectorally, energy, infra, metals, banks and automobiles were the top gainers, while pain was seen in the pharma space.
Technically, most experts feel that Nifty should ideally close above 10650-10700 levels, else the selling pressure could drag the index towards crucial support placed at 10,440-10,333 levels.
On the earnings front, as many as 1395 BSE companies will declare earnings later today which include names like Coffee Day Enterprises, Cox & Kings, Mahindra & Mahindra, Motherson Sumi, Page Industries, PC Jeweller, SpiceJet and Unitech among others.
M&M: PAT likely to fall by 1.5% YoY to Rs 1389 crore
Motherson Sumi: PAT likely to grow by 6% YoY to Rs 465 crore
Page Industries: PAT likely to grow by 33% YoY to Rs 112 crore
Nifty formed a piercing pattern on the charts which suggest a halt in the downtrend
Three levels: 10440, 10600, 10650
Max Call OI: 11000, 10800
Max Put OI: 10000, 10200
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