New Delhi: A day after the massive bloodbath at Indian stock markets, there was a recoup in investors sentiments. Sensex jumped 1,092.68 points to 79,852.08 in early trade while the Nifty rallied 327 points to 24,382.60.
The market recovery was in line with rally in Asian markets. Japanese stock markets rebounded during the early trading session on Tuesday. Nikkei 225 index, Hong Kong's Hang Seng index, Taiwan's Taiwan Weighted index, South Korea's KOSPI, Indonesia's Jakarta Composite rebounded during the early trading session.
Rajesh Bhosale, Equity Technical Analyst, Angel One advised traders to avoid attempting to catch the bottom in the short term, saying they should use any rebounds to reduce long positions.
"In this scenario, 24250 is seen as immediate resistance, while overcoming the bearish gap left today between 24350 and 24700 would be a daunting task. On the downside, 23900 followed by 23600 (the 38.2% retracement of gains from the election day low) are immediate support levels. The key support would be around 23400-23300, aligning with the 89 EMA and the 50% retracement of the mentioned upmove. Traders should monitor these levels and adjust their trades accordingly. One of the key highlights of the day was India Vix spiked by 42% to surpass the 20 mark, expect the Volatility to remain on the higher side, so it is advisable to manage risk carefully and stay informed about global developments, as they are likely to influence our markets in the near term," Bhosale commented.
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