A morning walk down Dalal Street | Nifty needs to hold above 10,300 to witness upmove towards 10,420-10,500

A volatile day for Indian markets both Sensex and Nifty witnessed a recovery in the last one hour of the trading session.

After falling for over 1,800 points last week, seeing some green on the screen offers respite Analysts are attributing the move towards short coverings.

Top large-cap names led to swift recovery on D-Street as market breadth was still in favour of declines. Good thing is that crude cooled off slightly which helped OMC stocks in the previous trading session but the rupee still closed above 74/USD The rupee closed at a new all-time low of 74.07, depreciating 30 paise further against the US dollar.

It was the sixth straight session of rupee depreciating against the dollar. However, the impact of falling crude was not seen on the rupee mainly due to strong dollar index and high US bond yield.

The Brent cooled down below $83/bbl levels from the four day’s high of $86.74/bbl. Technically, the index has to hold above 10,300 to witness up move towards 10,420-10500. Supports are placed at 10200, 10,000.