Easing concerns over the trade war between US and China; Pull back Nifty to closed up 197 Points, the most since 25 May, 2016; Nifty on track to 11450 target; World markets find support at previous lows.
Nifty index opened gap up and witnessed sustained buying interest till the end of session. It gained 197 points and managed to close above the crucial hurdle of 10250-10276.
Pull back rally discard the previous day bearish pattern formed in the nifty.
As long as the index holds above 10276, it could extend its move towards 10450 while support is seen at 10222 and 10180.
India VIX fell down by 9.44% at 14.80. A sharp drop in VIX has provided stability to the market, but it needs to hold below 13.50-13 zone to extend its up move.
Bank Nifty opened on a positive note and rallied 684 points. Buying interest was witnessed in the whole banking sector, including beaten down PSU banks.
Now, it has to hold above 24500 to extend its move towards 25000 and 25200 and then 25500 while major support exists at 24600 and 24350.