Given the steep drop witnessed until the end of the previous session, Nifty may see a mild technical pullback and see a modestly positive start to Monday’s session. The 11,225 and 11,280 levels will act as key resistance points, while supports will come in at 11,150 and 11,000 levels.
Over the next few days, Nifty will face stiff resistance near the aforesaid zone in any pullbacks attempt, as it has shifted its resistance points lower. Nifty’s behavior against the 11,100 level needs to be watched critically. Any breach of this level will mean a breach of the rising channel on the downside and this may invite incremental weakness.
If the 11,100 level is defended, we may see the market trade in a rangebound way. A highly selective approach is advised for the day.
Nifty Bank (21679) Technically 22000 is the crucial support to work with’ the Nifty Bank breached the 22000 marks and cracked to close in the red… technically a slide to 21000 is a possibility… stiff resistance exists at 22000…