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Sep 09,2020-Nifty likely to remain range-bound with limited upside.

Nifty traded precisely on the anticipated lines in Tuesday’s session. The absence of overnight global cues caused the market to open positive and that got stronger as the session progressed. At the same time, Nifty hit a hurdle precisely at the Double Top resistance point of 11,430.


Importantly, the significance of the 11,430 level has been reinforced as an important Double Top resistance, as the 50-pack faced strong resistance at that point. Looking at it from an immediate short-term perspective, Nifty will not have any sustainable up move unless it manages to take out the 11,430 level.


The possibility of a mild technical pullback cannot be ruled out. On Wednesday, the 11,365 and 11,430 levels are going to act as key resistance points for Nifty, while supports will come in at 11,250 and 11,185 levels.


Going into Wednesday's trade, the market is expected to remain largely range-bound with limited upsides. The 11,250 level will be crucial in the near term as any breach of this mark will invite incremental weakness. We recommend continuing to adopt a crucial view on the market and avoid aggressive positions on either side.


Nifty (11317) the range now seems to be 11200- 11500’ the Nifty unfolded within the range and has closed in the red…technically Nifty still looks weak unless11450 is not taken out on the upside… downside open…


Nifty Bank (22744) now the range seems to be 22400-23500…Nifty unfolded weak as expected…technically it still looks down unless 23100 is not taken out…downside is open…

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