Monday market closed in red. The Sensex closed the day 98 points lower at 38756 While Nifty closed 24 points down at 11440. . Investors are also monitoring key developments into the race of vaccine to fight virus. The Fed will meet on 15-16th September but the market does not expect the policy makers to change guidance is on how long the rates will stay near zero, still it will be an important event. The US dollar has continued to drift lower hence the outlook for the yellow metal in intraday is positive.The Nifty closed the day near 11450 and formed a bearish candle on daily chart, as the closing was lower than the opening value. Considering the consistent weakness after the recent rally, we advise you to avoid long positions. The Nifty was decisively trading below its 50-day moving average and if it slips into some sort of multi-days downtrend, then corrective swing would get extended into the 11400–11300 zone. For the time being, strength in the index shall not be expected unless it closes above 11500 levels. Traders should avoid long positions and look for some signs of stability around 11550 whereas existing shorts should be squared off if the Nifty fails to close below 11600 in the next trading session.
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Resistance: 11500, 11600
Support: 11400, 11300
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