The market has been one roller coaster ride for investors on June 16 as it opened strong on positive global cues after the US Federal Reserve expanded its bond buying programme, but shed all its gains in the afternoon amid India-China border tensions, followed by a strong recovery in the last couple of hours of trade.
The Sensex climbed 376.42 points, or 1.13 percent, to 33,605.22, led by banking and financials. The Nifty rose 100.30 points, or 1.02 percent, to 9,914 and formed a small bodied red candle on daily charts as the closing was lower than its opening.
"On Wednesday (June 17), 9,700 will be a crucial level and on dismissal of the same, the Nifty would quickly fall to 9,550 and 9,400 levels. Technically and based on the daily chart, the index should rise keeping the level of 9,700 intact," Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, told Moneycontrol.
He feels the level of 10,100 and 9,700 could act as a resistance and trend decider levels, respectively.