With 65% of Nifty 500 constituents closing within 1% vicinity of the day’s low, and 30% of them closing beyond two standard deviation from mean, broad market is probably approaching peak fear. While 24922 kept the lid on upsides, 24750-650 region absorbed multiple downside attacks on anticipated lines. We are not sure if this region will hold for another day, but favoured view expects a turn higher without stretching as far as 24450 or 24000, the major supports. Meanwhile, 24788 will upside marker, with 24922-25050 as key resistances. Read More.
