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Nifty back to track!!! After 4 day corrective sessions Nifty gained momentum on Tuesday 4 August 2020 with nifty hovering around 11000 mark. At close, the Sensex rallied 748 points to 37687 and the Nifty climbed 203 points to 11,095 despite rising coronavirus cases.
We expect market would remain volatile in the near term. The index formed a bullish candle on the daily scale and needs to hold above 11000 to extend gains towards 11150, and then 11200 -11300 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 11000 and then 10900 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 10800.
Nifty back to track!!! After 4 day corrective sessions Nifty gained momentum on Tuesday 4 August 2020 with nifty hovering around 11000 mark. At close, the Sensex rallied 748 points to 37687 and the Nifty climbed 203 points to 11,095 despite rising coronavirus cases.
We expect market would remain volatile in the near term. The index formed a bullish candle on the daily scale and needs to hold above 11000 to extend gains towards 11150, and then 11200 -11300 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 11000 and then 10900 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 10800.
More about intraday tips Whatsapp On 9039542248
Resistance: 11150, 11300
Support: 11000, 10800
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