On the front of the stock, Bharti Airtel saw a bullish setup in NSE 5.06%, BEL, SAIL, Tata Steel, Divi’s Lab, JSW Steel, ACC, Bajaj Finserv NSE 1.18%, Bata India, ICICI Bank, Naukri, UltraTech Cement NSE 0.77% and Went. Berger paints but weak Canara Bank, M&M Financial, Cadila, Kotak Bank, Dr. Reddy, LIC Housing Finance, L&T Finance, Tata Motors NSE -2.39%, M&M, PNB, BHEL, and RBL Bank.
The Nifty opened positive on Thursday but failed to maintain its opening levels and fell sharply by around 235 points to 15,513 in the first few hours of the session. However, the bulls managed to sustain the decline and saw a strong recovery of 200 points from lower levels to close the session above the 15,700 level.
The index formed a bearish candle on the daily scale with a long lower shadow, indicating that every drop was quickly bought. It has been forming a low for the past three sessions but is now holding above its 50 DMA. Now, it needs to hold above 15,700 levels to see a bounce-back at 15,800 and 15,850 levels, while on the downside, support is present at 15,600 and 15,500 levels.
India VIX rose 3.50 percent to 13.69 from 13.23. The volatility witnessed a sharp jump towards the level of 16 during the day as the index broke all immediate support and panic was witnessed among traders. Now the VIX will have to cool below the 12 zones for the market to rally again.
Bank Nifty opened positive, but selling pressure dragged the index to its lowest level in the last 26 sessions at 34,100. It saw a slight correction but overall the bears ruled the banking index and closed with a fall of around 260 points. It formed a bearish candle with a long lower shadow and negated the formation of the higher highs of the previous four sessions. Now, for a move towards 34,750 and 35,000 levels, it needs to hold above 34,500 levels while on the downside support is present at 34,250 and 34,000 levels.