Yesterday, short covering amid the outcome of polls in five states and impact of Urjit Patel’s resignation as RBI Governor.
Shaktikanta Das, member of the 15th Finance Commission and former Economic Affairs Secretary, will take over as the new Reserve Bank of India (RBI) Governor, the government said on December 11.
Technically, much of the Tuesday’s rally could be on the back of short coverings but for bulls to take control
Nifty recovered around 250 points from the day’s lows and managed to closed at higher point of the day, expect this technical pullback to continue.
A sharp cut in VIX post the result day suggests the market could be headed for a consolidation, but it has to go down below 17-16 levels to again attract buying interest
Downside, Nifty made a low of 10333 levels and as of now, this would act as a support for the time being which if broken can retest the 10000 levels for rest of the series.
Nifty likely to face resistance at 10640 and support at 10440.
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