Nifty Update for October 17 - Inder Bhatia

The Indian market opened gap-down again but demonstrated a smart recovery in the last hour followed by a selloff and a close in the red zone. On the daily chart Nifty has made a hammer. If we open above 3330 then we could see some more rally towards 3460-3500. On the lower side 3130-3060 would act as a support. Market will react more on global cues.