INSUBCONTINENT EXCLUSIVE:
NEW DELHI: In a day of crazy swings, Nifty50 on Friday settled with a solid 4.5 per cent gain after hitting the 10 per cent lower circuit
Key support exists at 9,400 and 9,100 levels
Securities expert said.
For the day, the index closed at 10,023, up 433 points or 4.52 per cent
Momentum oscillator 14-day RSI has recovered from the deep oversold territory
Analysts said that the 10,200 and 10,300 levels have in the past acted as key resistance and can continue to do so.
Jimeet Modi, Founder -
CEO at SAMCO Securities, said the index testing its 100-month EMA on the monthly chart was something traders have not seen since the 2008
bottom.
This was an extreme over-reaction clouded by coronavirus and global equity selloff
An increase in volume confirms that panic selling is almost over
Gaurav Ratnaparkhi of Sharekhan expects Nifty to get into the consolidation mode
He expects the index to move in a broad range between 10,000 and 9000 levels, he said.