Sharp recovery after a steep fall; what's next?

After a sharp sell off in the first 15 minutes, both Nifty and Bank Nifty managed to bounce from the support levels to close near day high. 

Bank Nifty

Bank Nifty after a steep fall bounced back from the support levels mentioned in the previous blog to close near day high. For up move to continue Bank Nifty should sustain above 37800. Once Bank Nifty sustains above 37800, it can go till 38000-38100. It has a support at 37570, trading below support can lead to a fall till 37300-37200, 37000. 

Nifty

Nifty should sustain above 17325 for up move to continue till 17400-425. It has a support in the range of 17180-17200. Trading below support indicates Nifty can fall till 17100. 

Stocks to watch out

1. Maruti (LTP 8602.60)

Maruti closed above the 8600 level after 2018 sept, with heavy volumes. This indicates the up move can continue till 9400, 10000. Maruti has a good support at 8000. 

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Disclaimer

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