Aug 12,2020 Watch 11,350 level; no consensus on Nifty upside

Nifty may try to move past the 11,350 level on Wednesday. Above 11,350, the 11,420 level is likely to act as key resistance, while supports will come in at 11,265 and 11,150 levels.

Nifty is currently placed at a crucial juncture. The 11,300-11,350 zone represents a strong resistance, and the index has just ended in the middle of it. At present, it is placed in the middle of the upward Rising Channel.

There is a fair possibility that Nifty may attempt to move past the 11,350 level. However, weekly options expiry on Thursday will limit any up-move as heavy Call writing was seen at lower strike prices. Investors should follow the momentum on the upside in a highly stock-specific manner. Banking and financial services stocks look better placed, and they may relatively outperform the headline index.

Nifty Bank (22227) 22121-22379 is still valid as long as 21795 holds’ the Nifty Bank unfolded as expected and achieved our first target of 22121…technically the uptrend is still valid and upside to 22379 is a possibility as long as 22121 holds…

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