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The Nifty50 after opening lower extended losses as the day progressed after the rupee hit record low of 71.96 a dollar intraday. But as the rupee showed smart recovery from day's low, the index managed to trim losses in the last hour of trade to close above 11,450 levels on Wednesday.
The Nifty50 hold on to its crucial support placed at 11,400 levels and made a bearish candle which looked like a ‘Hammer’ like pattern on daily charts.
The Nifty50 opened at 11,514.85 and managed to hit an intraday high of 11,542.65 amid volatility in the initial few minutes of trade, followed by gradual fall which dragged the index below 11,400. The index hit an intraday low of 11,393.85 but started recouping some of the losses in last hour of trade and closed 43.30 points lower at 11,477. It recovered 83 points from day's low.
The short covering or value buying seen in the last hour of trade may continue in the coming session but that may not sustain for long as short term structure of the market is still weak, experts said.
India VIX fell by 1.03 percent to 13.64. Pause in the VIX after the sharp spurt of 10 percent indicates some consolidation could be seen with support zones.
According to Pivot charts, the key support level is placed at 11,399.63, followed by 11,322.27. If the index starts moving upwards, key resistance levels to watch out are 11,548.53 and 11,620.07.
The Nifty Bank index closed at 27,376.05, down 54.70 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 27,172.7, followed by 26,969.3. On the upside, key resistance levels are placed at 27,542.9, followed by 27,709.7.
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Buy Bajaj Auto with target at Rs 3,000 and stop loss at Rs 2,640
Buy Vedanta with target at Rs 254 and stop loss at Rs 219
Buy Yes Bank with target at Rs 388 and stop loss at Rs 324
Rajesh Agarwal of AUM Capital
Buy Reliance Infrastructure with stop loss at Rs 463 and target of Rs 499
Buy Cyient with stop loss at Rs 753 and target of Rs 789
Buy Sical Logistics with stop loss at Rs 193 and target of Rs 212
Buy Tata Motors with stop loss at Rs 257 and target of Rs 277
Buy Indiabulls Real Estate with stop loss at Rs 140 and target of Rs 150
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