Led by recovery in the last couple of hours of trade, the Nifty50 managed to end the first session of October month on a positive note.
The index closed above 11,000 levels, forming bullish candle on the daily charts after weakness seen in previous three consecutive sessions. It closed 77.80 points higher at 11,008.30.
Experts expect the Nifty to move up further if it sustains above 10,900 and said the next target is seen at around 11,170 levels but the downside seems limited.
India VIX fell by 2.22 percent to 16.61 levels. Volatility has to cool down to form a short term top then only Nifty can form a short term bottom process for a temporary bounce back process, experts said.
According to Pivot charts, the key support level is placed at 10,874.63, followed by 10,740.97. If the index starts moving upwards, key resistance levels to watch out are 11,088.83 and 11,169.37.
The Nifty Bank index closed at 25,367, up 247.15 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 24,912.4, followed by 24,457.8. On the upside, key resistance levels are placed at 25,616.9, followed by 25,866.8.
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Buy Bharti Infratel with stop loss at Rs 260 and target of Rs 275Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.