A morning walk down Dalal Street | Crucial resistance for Nifty at 10,350

Indian markets wiped out gains made in the previous trading session as it fell to a six month low on Thursday.

The fall was triggered by a sell-off in US markets which saw its worst fall since February due to concerns over FED rate hike trajectory and trade tensions.

The S&P BSE Sensex lost 759 points but closed at 34001 while the Nifty dropped 225 points but managed to hold on to 10,200 which is a positive sign. In the foreign exchange market, the rupee depreciated further against the US dollar hitting a record low of 74.48 in early trade yesterday. A sharp plunge in domestic stocks in morning wiped off Rs. 2.6 lakh crore of investor wealth in just one session.

Technically, Nifty50 did recover from lows and reclaimed 10,200 levels but it failed to surpass 10,300-10,350 levels. For Friday, crucial resistance is placed at 10,350-10,400 and support is placed at 10,200 and 10,100.