Sep 21,2020-Stay cautious till Nifty crosses past 11,430 level.

This highlighted Nifty’s discomfort at higher levels and the lack of conviction that it needs to confirm the Double Top breakout above the 11,430 level. Given the show of the previous session, the 11,430 level still remains an important mark to watch out, and Nifty will have to keep its head above this level to avoid incremental weakness.

All in all, if we look at the immediate short-term technical setup, Nifty is likely to face resistance at higher levels. We recommend staying highly stock specific in approach. There are mild chances of the US dollar pulling pack slightly, as mild technical pullback in the greenback is imminent. This may cause some volatile move or mild disruption in the markets. Apart from this, financial stocks are showing very weak relative strength and may underperform the broader market. We recommend a cautious approach.

Nifty (11505) the resistance exists at 11600 and downside to 11400 is a possibility’ the Nifty opened right near our resistance and sold off to close in the red…technically now 11550 is a stiff resistance to work with and downside to 11425-400 is a possibility…

Nifty Bank (22031) the range has broadened from 22000-22700/ the Nifty Bank opened near the high and sold off to close in the red…technically now the resistance is around 22250 zones and downside to 21500 is a possibility…

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