A morning walk down Dalal Street | Nifty can see pull back towards 11,479 if it sustains above 11,250

Bulls took charge of D-Street on Wednesday and pushed Sensex higher by over 300 points while Nifty50 reclaimed 11,300 levels to close at 11,369. Remember investors lost over Rs 4 lakh crore in market cap on the BSE in first two trading sessions of the week.

The good news is that rupee recovered from a record low of Rs 72.91/USD after reports came out suggesting that PM Modi will hold economic review meet over the weekend. The rupee lost almost 4 percent its value in the last 10 days of incessant depreciation.

Wednesday’s low 11,250 in Nifty has now become a strong support for the short-term. A slip below 11,300-11,250 could take the index towards 11,150, as well as 11,000. While a hold above 11,480 could take the index towards 11,500, 11,620 where it could further face selling pressure.