A morning walk down Dalal Street | Nifty may hit 10,500 if bears take control of D-street

It was a volatile day of trade for D-Street, but the good part is that we bounced back from lows of 10583 on Tuesday which made a ‘Long Legged Doji’ kind of candle on charts.

Can we say the market is out of the woods? Well, maybe not as volatility may extend in the coming days due to the union budget, F&O expiry as well as US Fed policy outcome. 

With expiry insight, we saw some short covering from lower levels in lower strikes, and if the index stays below 10700 levels chances of a bounce is possible.

But, if bears take control over D-Street on Wednesday, chances of levels closer to 10500-10550 is possible before we see some stability.