For Nifty the immediate swing low of the 22350-22300 subzone is likely to provide a firm cushion for any intra-week blip, followed by the 50 DEMA of 22230 and the bullish gap around the 22200 zone.
A breach of the 22,550 spot Nifty support represents a negative/cautionary signal, which opens the doors for a downside target of 22,300. Recovery hopes are contingent upon the Nifty staging a comeback above 22,600.
Sensex Today | Stock Market LIVE Updates: Bajaj Finance, Bajaj Finserv, Shriram Finance, Hindalco, ICICI Bank were among major gainers on the Nifty, while losers were Power Grid Corp, Maruti Suzuki, Eicher Motors, Dr Reddys Labs and Divis Labs.
Share market: Friday's market fall came ahead of the release of the US non-farm payroll data. Investors booked profit and there was a degree of caution, said Vinod Nair, Head of Research, Geojit Financial Services.
When VIX is high, volatility is extremely high and quite often one observes prices crashing ferociously, says derivatives expert Rahul Ghose, CEO of Hedged.in