Tit For TatThe Nifty gained 147 points over the day to close at 4710. A bigday of rallying at the markets yesterday that saw the indicesretrace the entire loss of Tuesday. The fact that the indicesopened at the day’s low and closed at the day’s high is veryencouraging as it builds a case for a bottom. Our mentioned “lasthope” support of 15300 has been respected as the indexreversed exactly from the same only to get close to the updated

Support Seen At 17000
The Nifty lost 27 points over the day to close at 5114. A day of
volatility yesterday as the index opened gap-up but could sustain
at higher levels leading to a sharp move down below 5100 levels
only to witness another pullback and retracement of 50 points in
the last hour of trading. Such volatility is typically seen when
supply exceeds demand and is usually an indication of a
correction ahead. However, in the current scenario the price
action will have to break the updated support of 17000 (5030 on

• Voltas Oct. Future (Rs. 165)

Buy only on a move above 167 with a stop loss
below 163.5 for an intra-day target of 172.

• IOC Oct. Future (Rs. 642)

Buy only in the region 637-640 with a stop loss
below 632 for an intra-day target of 651 and 656.

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