Nifty forms bullish candle, closes above 11,000; next target seen at 11,170

India VIX fell by 2.22 percent to 16.61 levels. Volatility has to cool down to form a short term top then only Nifty can form a short term bottom process for a temporary bounce back process, experts said.

The Nifty50 after flat opening fell sharply but formed the bottom and managed to rebound in noon trade to close tad above psychological 11,000 levels. The solution to IL&FS issue by forming new board lifted sentiment in later part of the session.

The index formed bullish candle on the daily charts after weakness seen in previous three consecutive sessions. It was a good start to October month after getting butchered in September.

Experts expect the Nifty to move up further if it sustains above 10,900 and said the next target is seen at around 11,170 levels but the downside seems limited.

The Nifty50 started off October month on a flat note but immediately fell sharply to hit day's low of 10,821.55, but managed to recoup those losses gradually in later part of the session and hit an intraday high of 11,035.65. The index closed 77.80 points higher at 11,008.30.

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Source: https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-bullish-candle-closes-above-11000-next-target-seen-at-11170-3004231.html