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11,100 last hope for bulls, says Sameet Chavan of Angel Broking

Outlook on Nifty by Mr. Sameet Chavan, Chief Analyst- Technical & Derivatives, Angel Broking Ltd.

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Markets

Sameet Chavan Mumbai
Last ray of hope at 11,100
 
Trading for the last week began with a downside gap and it probably set the mood for the entire week. The mounting concerns over NBFCs started spooking traders’ sentiments which was fuelled by massive sell off in US markets during the midweek. On Tuesday, October 1st, as well as Friday, October 4th, despite early morning lead, our markets succumbed to the selling pressure and eventually went on to slide below the 11,200 mark. On a weekly basis, index shed nearly 3 per cent which was the biggest weekly fall in the last couple of