Sep 11,2020-Nifty in a firm uptrend, will remain turbulent below 11,500.

The market opened on the anticipated lines and traded in a range with modest gains. However, after the late morning trade, the trend got stronger. Nifty tested the double pattern resistance point near 11,430, corrected from there, and again pulled back to close above that level.

There are two important factors to take note of as we approach Friday’s trade. First, out of Nifty’s 171-point gain, nearly 140-points came from only one stock, i.e., RIL. Secondly, the index has again entered a resistance zone between 11,430 and 11,500 levels and will have to clear it by moving past 11,500. Until that happens, the index will continue to face the possibility of consolidation and may stay turbulent below these levels. Banking and financial stocks underperformed the headline Nifty ..

On Friday, Nifty is likely to see the 11,500 and 11,585 levels act as key resistance points, while supports will come in at 11,400 and 11,315 levels.

All in all, Nifty will be in a very turbulent zone as long as it remains below 11,500. No doubt it has again taken out the Double Top resistance point at 11,430, but staying above that would be critically important for the index. Not only this, but there is also a lurking fear that the Dollar Index may rebound and it can cause some rough patch for Nifty. Besides, the market, in general, stays in a firm uptrend and trades above all key moving averages. We reiterate staying highly stock specific and focus  ..

Nifty (11449) Nifty still looks weak unless 11450 is not taken out… however a slide to 11150-11000 is a possibility where some kind of short covering is not ruled out…stiff resistance is around 11500’ the Nifty opened with a bull gap and short-covering came in as expected but at higher levels and closed in the green…technically the pattern now is suggestive of strong support at 11350 and up-move to 11562 is a possibility…

Nifty Bank (22466) ‘technically looks like support could emerge near 22000 zones and resistance exists at 23000’ the Nifty Bank unfolded volatile and has closed in the green led by weak short covering…technically the Nifty Bank still looks weak and needs to stay above 22300 if it can climb to around 23000…

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