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Sep 30,2020-11,300-11,430 critical resistance for Nifty; protect profits at higher levels.

For the second day in a row, the domestic equity market continued to consolidate below important resistance levels before ending the day with marginal gains. The market opened on a quiet note and traded flat for the initial few minutes before slipping into negative territory to mark the low point of the day. It soon crawled back in the positive territory and after that, it stayed within a defined range for the rest of the session.


Thursday's session is likely to see the levels of 11,320 and 11,400 acting as immediate resistance points, while support will come in at 11,200 and 11,060 levels.


Pattern analysis showed that Nifty has dragged its resistance points lower, following a failure to move past and sustain above the double top resistance level of 11,430. In the event of any continued up move in the market, this level will pose serious resistance. As Nifty remains below its 50-DMA, which is presently at 11,306, the 11,300 level is crucial in the immediate short-term.



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