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August 11,2020- 11,300-11,350 zone stiff hurdle for Nifty.

Nifty’s broad technical setup appears to be stable. However, the 10,300-10,350 zone continues to pose stiff resistance to the index. Though the market may remain broadly stable, these levels need to be watched closely. Nifty may also be affected along with its Asian peers if the US dollar, which is grossly oversold, posts a mild technical rebound, which can make emerging markets to take some breather from the current dream run.


A few banking and financial stocks along with some liquid and good quality midcaps may also see relative outperformance on Tuesday. The 11,300 and 11,350 levels will act as key resistance, while supports will come in at 11,215 and 11,165 levels.


Except for the grossly oversold Dollar Index staging a technical rebound, there is no other major threat to the emerging markets in general, and Nifty in particular. The market is likely to continue trading in a broad range. However, the 11,300-11,350 zone will be stiff overhead resistance. While avoiding aggressive shorts, one may follow the momentum, but protect profits at higher levels.


Nifty Bank (21900) Still looks up as long as 21350 holds…upside target could be 22121-22379’ the Nifty Bank unfolded as expected and has closed mildly in the green…technically 22121-22379 is still valid as long as 21795 holds…


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