US market has closed positive with 1.4% gain over the previous day. But has witnessed highest volatility during the whole week.
Our market has ignored all critical levels and closed below 20,50,100,200 DMA. This kind of a weekly close is not good on the first week of October 2019. Most of the scrips have slipped from the recent high and still heading for more correction, especially banking stocks, Axis bank could be an exception.
Any bounce back looks like sell on rise. 50% of Corporate tax rally of 1000 points from 10700 is wiped out as we stand at 11174. If nifty reaches 11100/10791 to take support for next rally it is not a wonder. Bank Nifty may take support around 27100.
11554 was last week high and low is 11158.
A positive opening today without slipping below 11205/158 is very critical for the day.
Option trades suggested to members on board with buy levels, SL and Tr.
Good Luck!
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