August 05,2020-Nifty likely to start where it left today; hurdles at 11,130 and 11,165

In what can be called a ‘mirror-image’ of the previous session, domestic equities managed to recoup all the losses of Monday‘s session as it ended on a strong note. The day remained secularly bullish as Nifty stayed on a rising trajectory throughout with no sign of weakness at any point. The session opened on a positive note, and the index grew stronger as the day progressed. It managed to retain higher levels and ended with a strong gain of 211.25 points, or 1.94 percent.

Wednesday’s session is likely to see a stable start, and the 11,130 and 11,165 levels are likely to act as key points of resistance, while supports will come in at 11,030 and 10,950 levels.

The market’s behavior, in general, is likely to remain highly stock and sector-specific over the coming days. While chasing the momentum, one must vigilantly protect profits at higher levels. A cautiously positive outlook is advised for the day.

Nifty Bank (21491) Technically 21322 is stiff resistance to deal with and downside to 20720-500 is a possibility’ the Nifty Bank turned around and has closed in the green…technically Nifty bank is in pause mode and there is a good chance that it can climb to around 21864 as long as 21030 holds…

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