The market is likely to see a soft start to Tuesday’s session. The 11,285 and 11,330 levels will act as key resistance while supports will come in at 11,180 and 11,100 levels.
Pattern analysis suggests Nifty has managed to cling on to the bottom support trend line of the rising channel. As long as it keeps its head above the 11,100-11,130 zone, it will stay inside that channel. Any breach will be on the downside of the rising channel that Nifty has been trading in since the lows formed in March.
For Tuesday’s session and for the immediate short term, more than the upper levels that Nifty can scale, it will be important to watch if the index can sustain above 11,100 level or not. As of now, the 50-pack has formed a 250-point trading range in the 11,350-11,000 zone. Lack of directional bias remains a worry so long as Nifty remains within this range.
Nifty Bank (21709) A slide to 21000 is a possibility… stiff resistance exists at 22000’ the Nifty Bank unfolded sideways and mildly in the green…technically analysis remains the same…