The week has
started on negative note. Bears continued to grip the markets in today’s
session also…!!!! Nifty came close to 11300 mark, made a low of 11301. Extending their losing streak to the third
session in a row, market ended lower on Monday with the frontline indices
tumbling nearly 1% amid selling in bluechip counters such as HDFC duos, Bajaj
Finance, Hindustan Unilever and ITC. The Sensex lost 306 points to settle
at 38031. The Nifty slipped 82 points to settle at 11337
levels. Nifty started from 11392 made a high of 11398.
We reiterate our bearish view on Nifty and suggest continuing with “sell on rise” approach. Nifty has strong resistance near 11398. Until trading below this level, we may see profit booking on every rise. Any close above 11400 can lead to good short-covering, which in result may push index towards 11455-11525 zone and support for Nifty is coming near 11295 -11255 zone.
We reiterate our bearish view on Nifty and suggest continuing with “sell on rise” approach. Nifty has strong resistance near 11398. Until trading below this level, we may see profit booking on every rise. Any close above 11400 can lead to good short-covering, which in result may push index towards 11455-11525 zone and support for Nifty is coming near 11295 -11255 zone.
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Resistance: 11455, 11525
Support: 11295, 11255
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