Thursday’s intraday high of 10,138 level could emerge as a short-term bottom.
Analysts point out that banking and automobile sectors received severe battering last month.
The Nifty50 index looks on course to hit the short-term target of 10,016 level.
It looks like rotational trade is happening in markets worldwide, say analysts.
The Nifty50 index has negated the formation of lower highs after six trading sessions.
After all the turmoil, investors today went about covering their short positions.
The scrip has already surged 1,000 per cent in five years – mainly in last 18 months.
Analysts said any bounce at this stage may be shallow and traders must exercise caution.
Nifty is likely to bounce from the lows, but the sustainability of the upmove is doubtful.
Mukesh Ambani's wealth has fallen to $39.5 billion from $50.7 billion since August 28.
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