Bears continued to rule on dalal street. The Sensex & nifty settled marginally lower on Wednesday ahead of the expiry of September Futures and Options (F&O) contracts due on Thursday. Market sentiments were dragged by consumer goods and IT stocks. The rupee rose marginally against the US dollar. Keep an eye on outcome of the Federal Reserve's policy meet due later in the day. The Sensex ended at 36542, down 110 points while the broader Nifty settled at 11054, down 14 points.
Some more choppiness could be witnessed in the upcoming session. The recent swing low of 11000 levels could help bears to rule. Now 11200 levels has become an impotent level for nifty. Only above 11200 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 11000 level still looks like a sacrosanct support, a breach of which shall take the Nifty future below the 10900 level. A decisive close above the 11200 level should usher in a sustainable uptrend.
Some more choppiness could be witnessed in the upcoming session. The recent swing low of 11000 levels could help bears to rule. Now 11200 levels has become an impotent level for nifty. Only above 11200 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 11000 level still looks like a sacrosanct support, a breach of which shall take the Nifty future below the 10900 level. A decisive close above the 11200 level should usher in a sustainable uptrend.
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Resistance: 11200, 11250, 11300
Support: 10950, 10900, 10850
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