Market rose for the third straight session on October 20 amid mixed global markets. At close, the Sensex was up 112 points at 40544, and the Nifty was up 23 points at 11896. The markets have entered into a range bound zone - between 11700 and 12000. For an impulsive move to trigger, we would need to get past one of these levels on the back of good volumes. Until then traders are advised to maintain caution.
At times like these, buying on decline is being a
better strategy with a defensive portfolio positioning. However, the level to watch out for nifty is 11900-12000. We need to
get past and close above that price zone. That would signal that an
intermediate bottom has been made and we have entered into an uptrend. Until
then, there is always a possibility of a U-turn from the current levels and the
Nifty might attempt to go and test the 11600 level.
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Resistance: 11900, 12000,
12100
Support: 11600, 11500, 11400
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