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The Nifty50 snapped back 200 points from the lows on Monday to reclaim its crucial resistance of 11,000 with gains of 78 points.
The Nifty50 has already fallen 900 points or 8 percent, while the BankNifty has fallen nearly 3,700 points or 13 percent from their all-time highs registered on August 28, 2018.
At 10,850, the Nifty has completed 50 percent retracement of the entire upswing seen from 9,952 (March 23, 2018) to 11,760 (August 28, 2018).
The bounce seen on Monday has scope to stretch further going ahead. On the higher side, 11,10011,150 shall be the key hurdle zone to watch out for.
The short term downtrend remains intact and failure near 11,100-11,150 would set in the next leg down.
Rupee slumps 43 paise to 72.91 vs USD, ends near 2-week low.
Big news:
A small number crunching of data for the past 10 years suggest that bulls manage to take control in 5 out of last 10 years.
The index fell the most in October 2008 when D-Street witnessed a cut of 25 percent, followed by 2009 when the index dropped by 7 percent, and a 2 percent fall in October 2010.
Bulls managed to take control of the market in 2011 when it rose by 9 percent, followed by 8.4 percent rally seen in 2013, and 5.4 percent gain in 2017.
Technical View:
Nifty formed a bullish candle on daily charts
The Nifty is 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.
Three levels to watch: 11,850, 11171, 11350
Max Call OI: 11500, 11200
Max Put OI: 10800, 11000
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