Market technicals: Traders should brace for volatility on Dalal Street

As per the technical chart patterns, the recent low of 35,266 (S&P BSE Sensex) and 10,588 (Nifty50) are strong support levels

It was a volatile week for the markets with the S&P BSE Sensex and the Nifty50 indices losing 882 points and 275 points, respectively during the week. Global cues, Reserve Bank of India’s (RBI’s) status quo on key rates and the outcome of the state polls (due this week) were some of the reasons that led to sharp swings.

Meanwhile, both the indices on charts suggest a modest upside even during the uncertain environment. Currently, the S&P BSE Sensex and the Nifty50 have seen weakness at the 100-day moving average (DMA) as per daily chart patterns located at 36,340 and 10,960