NIFTY VIEW AS ON 30 SEP 2020 (Range formation)

As we have seen NIFTY is hanging around in between or intraday levels and resistance levels consistently for 2 days. Such range formation often ends in a breakdown or breakout. We will see what we can expect. Levels to watch out for 

Intraday Support Zone is 11205-11215 (Nifty must stay above this levels for further upmove towards resistance)

Long Term Support Zone is 10850-10950 (Levels not to be ignored yet) 

Confirmation Resistance is 11275-11290 (Break above mandatory for resumption of upmove) 

Overall Conclusion : We are dealing with range formation here. More days we spend between the range will get more narrow and strong move on break can be expected. If it is break above resistance then we will have a stronger move rather than break down which has strong support at 10850-10950. Global markets and reactions will be equally important as DOW NASDAQ and S&P all are in the similar sort of zones. Nifty is supposed to follow the global trend at least for short term.

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite

NIFTY VIEW AS ON 29 SEP 2020 (RESISTANCE ACTING STRONG) !!

We have seen that NIFTY opened with a gap up heading towards our pre determined resistance zone and that was the HIGH made for today and market started to go lower again. However it managed to somehow hold above our Intraday support. So retesting or breaking above the resistance zone is still possible. Level to watch out for 

Intraday Support Zone is 11175 (Nifty must stay above this levels for further upmove towards resistance)

Long Term Support Zone is 10850-10950 (Levels not to be ignored yet) 

Confirmation Resistance is 11280-11295 (Break above mandatory for resumption of upmove)  

Overall Conclusion : NIFTY retraced from our resistance and the same is still intact. NIFTY for any further strong move needs to take down resistance and break above. Till then we need to be cautious on our positions with a strict stop loss. As we are nearing to the expiry there is quite possible that we stay in a range for tomorrow unless there is break above or below on the mentioned levels. This levels act accurately as we have seen in past. So let us see what's coming next.

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite

NIFTY VIEW AS ON 28 SEP 2020 (Inching towards our confirmation resistance)

As we were expecting Nifty broke above and closed into another bullish positive move. However we have not yet confirmed on any long positions to be made. Levels to watch out for : 

Intraday Support Zone is 11115-11120 (Nifty must stay above this levels for further upmove towards resistance)

Long Term Support Zone is 10845-10950 (Levels not to be ignored yet) 

Confirmation Resistance is 11280-11295 (Break above mandatory for resumption of upmove) 

Overall Conclusion : We have been of view that NIFTY is yet to face the intermediate resistance to confirm the upmove around 11280-11295. The more days we spend below this zone the levels will come closer each day by 5 to 10 points. Long term zone cannot be ignored as if the resistance is strong we might see a retest or break below. Our intraday support zones need to be respected for coming day tomorrow for further up move. As we are reaching towards resistance be light on your positions but do not short as on higher time frame we still on the upmove.

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite

 

NIFTY VIEW AS ON 27 SEP 2020 (Important update Resistance and Support Levels)

As you have witnessed that our Nifty analysis accuracy has been pin point correct and the levels mentioned does help in making right decisions. Many have seen level of 10800 is a major support and certainly it is even as per our analysis done last week. The level of 10800 as a support was mentioned almost a month ago by us. And we have seen a bounce back of over 2 percent on Friday. Does that mean we need to go long now ? Watch out for level below 

Intraday Support Zone is 10980-11020 (Nifty must stay above this levels for further upmove)

Long Term Support Zone is 10840-10940 (Still possible to retest read conclusion for details) 

Confirmation Resistance is 11290-11300 (Break above mandatory for resumption of upmove) 

Overall Conclusion : It is important how you read this above levels. Yes Nifty has taken support from our exact long term zone but we are awaiting for confirmation. For resumption of trend it is important for NIFTY to close above our resistance zone and then sustain the very next day at those levels. Only then we can confirm on resumption of trend. As per technical analysis this comes as a weak resistance relatively as Nifty on long term charts is still up and any resistance can be easily broken. However , we need to have patience under such circumstances. Intraday support are important levels if NIFTY decides to move close to 11300. Gap down opening if happens can be ignored if the LOW=OPEN below our intraday support. Further break down can again retest our Long Term Zone. Lets see how and what's next !! 

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite

NIFTY VIEW AS ON 24 SEP 2020 (Most Important Support Zone)

As we have discussed since long that total required correction for NIFTY was upto this zone of 11800. We have seen that NIFTY has exactly closed around the same. Does that mean you go long now ? No , this is the juncture where we need to take steps if we see rebounce on the chart with our stop loss. This zone should ideally be a bounce back zone. Any further decline will be interesting to see. Level to watch out for is missing today as we are at our initial final support zone. 

Overall Conclusion : We are at our major support area and ideally NIFTY must rest or bounce back from here on. However price action at such places along with other global scenarios are equally important. Watch out for some action packed movement from here on. There is also a possibility of sideways movement for few days. Any further breakdown below today's low will open up new levels which i think should not happen because that will trouble existing portfolios. 

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite

  

NIFTY VIEW AS ON 23 SEP 2020 (Intermediate Support Appears to Be Broken) !!

As we have observed that 11100 zone was providing a good support to NIFTY since yesterday. However , we were of view that somewhere this zone comes out as a weak zone and can be broken anytime looking at bearish sentiments in today's indian and global market. The level was well respected yesterday however that somehow seems to be broken today. The final correction zone Nifty must look for is as below 

LONG TERM SUPPORT ZONE LEVEL 10840-10940 (Long term position support zone)

Overall Conclusion : Its been a long time since we were waiting for final zone level correction which appears to come true if NIFTY happens to go below today's LOW. The intermediate support zones are somehow breached today on both BANK NIFTY and NIFTY. We can see some sort of resistance or Rise on Sell set-up around 11200-11225 level zone. Hence for any further up move it will be important to close above and sustain. Ensure to stay light on your existing positions with strict stop loss and avoid going any long yet the right time will come soon !! 

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite

NIFTY VIEW AS ON 22 SEP 2020 (LEVEL WELL RESPECTED) !!

As we have observed NIFTY has exactly bounced back from 11110 level mentioned yesterday. However, this is not necessarily the strong support and may get broken further. Hence don't take any long positions yet as there is global meltdown. Let's us see what levels are to be observed as below 

MEDIUM TERM SUPPORT ZONE LEVEL 11110 (Swing position support zone)

LONG TERM SUPPORT ZONE LEVEL 10835-10940 (Long term position support zone)

Overall Conclusion : We had this bearish view already since Friday where our intraday support was broken. Today we have seen that level of 11110 has acted well as support. further break down below will open our LONG TERM SUPPORT ZONES. Avoid long side position levels around 11300-11310 may act as a resistance if Nifty looks to move above.

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite

NIFTY VIEW AS ON 21 SEPT 2020 (HEAVY BEARISH MOVE CAUTIONED YESTERDAY) !!

As the tagline says , our view yesterday had this confirmed that our INTRADAY support was broken. This confirmed us that we may see a bearish move today towards 11400 levels. We also mentioned that 11530 may act as a resistance today and we can see that today's HIGH made is of 11535. However , what we did not expected was the move would be so fast and quick that it ended well below our Intermediate Support Zones. What we can expect next and what are the levels to watch out for 

MEDIUM TERM SUPPORT ZONE LEVEL 11110 (Swing position support zone)

LONG TERM SUPPORT ZONE LEVEL 10830-10940 (Long term position support zone)

Overall Conclusion : The word of caution for tomorrow is first of all the NIFTY is looking very bearish for upcoming days. So if you are having open positions you better keep your stop losses tight. We can expect NIFTY to pause for a while at 11110 however this as per me forms a relatively weak support. We wont be suprised to see it break. Mentioned long term support zones are crucial levels which should not break beacause that will halt our long going Index since April 2020 to some extent. Lets see what happens with the coming time !! 

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite

NIFTY VIEW AS ON 19th SEP 2020 (Intraday support broken)

As we have seen on Friday we had our intraday support zone of 11530 which was broken after a big volatile move that we got during ending period of session. This level may now act as a resistance if NIFTY decides to move below. The next level zones to watch out for 

MEDIUM TERM SUPPORT ZONE LEVEL 11385-11435 (Swing position support zone)

LONG TERM SUPPORT ZONE LEVEL 10830-10920 (Long term position support zone)

Overall Conclusion : Nifty as broke below the low of Thursday which was also our requirement to confirm breakdown of intraday support. However our swing position zone as mentioned above is intact and it will be difficult to break below this. Overall broader market most of the stocks are near end of there correction if any which is positive for market. We will see what comes next as we can expect Nifty to move for our Medium Term Support Zone !! 

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite

NIFTY VIEW AS ON 17 SEP 2020 (CONSOLIDATION)

Yesterday we have plotted an intraday support zone around 11530 which was well respected as we saw NIFTY howering around the same level for most of its day. However , we see that NIFTY ended below 11530 today on closing basis. Does that mean the level is broken ? No not yet , for breakdown to confirm Nifty needs to go below today's low and sustain in order to go to our next mentioned level zones as below

(REFER ABOVE CHART FOR CLEAR LEVELS)

SHORT TERM SUPPORT ZONE LEVEL 11530 (Intraday support zone if breaks below today's low we can consider it broken) 

MEDIUM TERM SUPPORT ZONE LEVEL 11383-11430 (Swing position support zone)

LONG TERM SUPPORT ZONE LEVEL 10820-10920 (Long term position support zone)

Overall Conclusion : The view of NEUTRAL TO BULLISH doesn't change as we observe that NIFTY has ended below intraday support. But for it to touch our swing position zone NIFTY will need to break below today's low. 

Ensure to watch out for STOCK RECOMMENDATION section for two new stocks waiting for BUY TRIGGER !!!! (One of them has triggered JAICORP LTD).

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite

NIFTY VIEW AS ON 16 SEP 2020 (Inside candle breakout) !!

As we have mentioned yesterday that there was an inside candle formation on daily chart of NIFTY. And we were anticipating the breakout on either side. However , we did not expected it to be this quick which shows buying strength in NIFTY. This is also a good sign for the positions which we are holding as if overall market is on bullish side then it becomes easy for us to trade and hold our positional trades. Let us see the new support level zones which are out now and needs to be respected : 

SHORT TERM SUPPORT ZONE LEVEL 11530 (Intraday support zone) 

MEDIUM TERM SUPPORT ZONE LEVEL 11365-11420 (Swing position support zone)

LONG TERM SUPPORT ZONE LEVEL 10820-10920 (Long term position support zone)

Overall Conclusion : After today's move with an inside candle breakout as we had mentioned earlier break above will change our view more towards bullish nature for Nifty. We have seen that breakout today on closing basis. The same was confirmed during live trading session today by a post that we had a successful breakout. Henceforth , we shall focus on above mentioned new level zones for each timeframe zones. Please note that the major resistance of the fall from the HIGH of 11794 will still act as a resistance. It will be interesting to see how the thing follows !! 

Ensure to watch out for STOCK RECOMMENDATION section for two new stocks waiting for BUY TRIGGER !!!! (One of them has triggered JAICORP LTD).

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite

NIFTY VIEW AS ON 15 SEP 2020 ( INSIDE CANDLE WHATS NEXT? )

As we have seen that NIFTY was slightly starting to move upwards however has been failing to sustain its intraday high. Yesterday we had a bearish candle which has completely engulfed the small candle formed on Friday last week. This surely depicts that we started this week on bit of bearish side. Today we have an inside candle. Normally such behaviour means that we are about to see a breakout on either side of the big candle. Hence we still stick to the fact that NIFTY has some downmove pending. After a strong bearish chart we will see High of Monday as a resistance for this week and its low to be a support. Our view is neutral to bearish. Important support zones to watch out for as below : 

LEVEL ZONE A is 11115 (Due to NIFTY being in range but unable to sustain above this level it is now coming out as a strong support zone as it is not broken with a velocity) 

LEVEL ZONE B is 10810-10910 (This is our final correction zone where on breaking below 11100 and sustained we may see it coming)

Overall Conclusion : There is no such major change in the view and we expect NIFTY to go down once around the LEVEL ZONE A at least to get a pull back. Yes we see Nifty closing in green but the move if we check on a 5 min chart is not yet sustainable. This usually happens when NIFTY gets into time wise correction the velocity of breakdown is very low and mostly stay in a wider range. If we happen to see some bullish changes in coming days the view will be updated. So stay tuned !!  

Ensure to watch out for STOCK RECOMMENDATION section for two new stocks waiting for BUY TRIGGER !!!! (One of them has triggered JAICORP LTD).

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite.

NIFTY VIEW AS ON 14 SEP 2020 (Similar Repeated Pattern)

Today we have seen that NIFTY opened higher and failed to sustain again before ending day on a lower side. We have seen such repeated behaviour on an Intraday basis since past 3 trading sessions. This is also reason we are not convinced that the new rally has just begun. There are no major changes in level zones as there are no new consistent HIGH being made. Important support level zones are as below 

LEVEL ZONE A is 11100 (Due to NIFTY being in range but unable to sustain above this level it is now coming out as a strong support zone as it is not broken with a velocity) 

LEVEL ZONE B is 10800-10900 (This is our final correction zone where on breaking below 11100 and sustained we may see it coming)

Overall Conclusion : Consistent pattern of failure to sustain around day's high on an intraday basis for past three days has somewhat made the LEVEL ZONE A of 11100 a more concrete support than before. If it would have been broken then it should have been quick. Now that NIFTY has sustained at this juncture we see increasing importance of 11100 support zone. We are still of view that NIFTY has left its job undone on the lower side and we wont be surprised to see it coming !!!

Ensure to watch out for STOCK RECOMMENDATION section for two new stocks waiting for BUY TRIGGER !!!! (One of them has triggered today JAICORP LTD).

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite.

NIFTY VIEW AS ON 12TH SEPT 2020 (Are we into a new rally upwards)

We have observed that Market showed us movement on both the sides this week with an eventual end on a green note. Further also saw we were of view that Nifty needs to correct further, however we had a two day rally from the bottom of around 11185. As we have seen that Nifty opened higher on Friday but failed to sustain and formed a range for whole day. This keeps our view still valid that we may still see a correction to come. Levels to watch out for are unchanged : 

LEVEL ZONE A is 11100 (This level has been tested multiple times however looking at scenario this comes out as weak support as per me) 

LEVEL ZONE B is 10800-10880 (This is our final correction zone where on breaking below 11100 and sustained we may see it coming)

Overall Conclusion : I somehow believe that rally has not yet started and we may see a short correction again to come. However , as you are aware our view is purely based on the charts it is important for NIFTY to go above the HIGH of Thursday and sustain to change our view to some extent. Friday we opened higher but did not sustain. So we will still wait and watch how this game plays further !!! 

Ensure to watch out for STOCK RECOMMENDATION section for two new stocks waiting for BUY TRIGGER !!!! 

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite.

JAICORP LTD (All Levels To Work On) Detailed Analysis !!

When to BUY ? 

Buy at 93 and above

What is the STOP LOSS ? 

Stop Loss at 86 and below 

What are the TARGETS ? 

Target A is 98 (Exit 50 percent of your invested capital) 

Target B is 104 (Exit 30 percent of your invested capital)

Target C is 109 and above (Exit 20 percent of your invested capital)

How To Trade This (Positional Sizing and Risk Management) 

Buy at mentioned level (93 and above) the price has to sustain around and above this price in order to enter. Mere breakout will not be considered as Buy signal. Once bought put your GTD orders at each mentioned targets above. Target A and B shall be unchanged. However Target C needs to be modified as stock moves with trailing stop loss. Trailing stop losses post Target 2 will be updated on consistent basis. This is well used strategy for cash segment with high winning percentage and better risk to reward ratio. 

Please note that this trade is strictly Cash Segment only with a holding period of few days to weeks (if required may extend into months). I believe in consistent and safe money with position sizing and risk management as mentioned above . All trades which i will mention here will have consistent follow ups with respect to any changes observed. 

This set up will be ignored if stop loss level is hit before our buy trigger. 

Follow me for regular updates of such high quality analysis of Nifty and Stock Recommendations.

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite.

NIFTY VIEW AS ON 10TH SEPT 2020 (Surprise Move !! )

As the tagline says much to our surprise Nifty made a good move today. It came as a surprise because we were expecting Nifty to fall below further. However our levels still remain intact as this is one day rally and further to keep moving up Nifty will have to move ahead and break above today's high and sustain. Without any further a due lets see what support zone levels one needs to look after 

LEVEL ZONE A is 11100 (This level has been tested multiple times however looking at scenario this comes out as weak support as per me) 

LEVEL ZONE B is 10800-10880 (This is our final correction zone where on breaking below 11100 and sustained we may see it coming)

Overall Conclusion : After bullish move today , i still believe that we should not be rallying up from here on. Reason being as per my view NIFTY has moved up against any technically logical support. Secondly today Nifty has gap up and even the low is higher than yesterday's high point. Such small gaps needs to be filled before going up. However , we must follow the charts and as mentioned above if Nifty decides to break above further then it must go higher than today's high and sustain at that level. So be cautious while you trade and consider appropriate advise if any. 

Watch out for Amazing Stock Recommendation coming soon before 10 pm today.....

ICICI PRUDENTIAL LIFE INSURANCE (Details available follow to stay updated)

New Stock to be Recommended Today (Follow to stay updated) 

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite.

NIFTY AS ON 9TH SEP 2020 (INTERMEDIATE SUPPORT ZONE BROKEN)

As we have mentioned in our previous analysis that NIFTY was hovering around it's intermediate support zone of 11300 and was showing some weakness. Many of the stocks who were hanging around the support already broke it yesterday which increased the probability for NIFTY to breakdown today. We had all this already discussed so there was nothing new. To further add onto this there was ongoing RSI to NIFTY divergence as highlighted with the box in the image. We never consider DIVERGENCE valid unless and until our support is broken. Hence the same was not used as part of our analysis till now. We have seen several scenarios where ongoing DIVERGENCE never resulted into downfall as the stock movement was firm on its support. We move ahead to what NEXT ? We can see in the image that level of 11090 is marked as support as previously multiple times this zone has acted as a resistance and support, But my experience says that with the confirmation in Divergence and Bearish sentiments which are existing in the market after such a comeback rally this for me forms a pretty weak support. If market happens to come below then what are the level zones to watch out for : 

LEVEL ZONE A is 11090 (This level has been tested multiple times however looking at scenario this comes out as weak support as per me) 

LEVEL ZONE B is 10780-10840 (This is our final correction zone where on breaking below 11090 and sustained we may see it coming)

Overall Conclusion : Please read carefully to understand the view. As per my experience market should break below 11090 and move towards our Level Zone B if price wise correction is to take place. And if it is price wise correction the movement in the market will be quick and fast. As eventually my view is that post correction market has to move back upwards such price wise correction will be a good move to catch the shorts in the net and rally. The other scenario that is what if Nifty holds onto the level of 11090 ? In that case Nifty will do time wise correction where in it will stay in a range for some more time before going up. 

In both the scenarios eventually we are still in a bull phase but both scenarios will be having there own ways to do so. If you ask me what is better one ? I will say Market should break below 11090 and correct upto mentioned level for a good run ahead. 

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite.

ICICI PRUDENTIAL LIFE INSURANCE (All Levels To Work On) Detailed Analysis !!

When to BUY ? 

Buy at 449 and above

What is the STOP LOSS ? 

Stop Loss at 421 and below 

What are the TARGETS ? 

Target A is 474 (Exit 50 percent of your invested capital) 

Target B is 500 (Exit 30 percent of your invested capital)

Target C is 526 and above (Exit 20 percent of your invested capital)

How To Trade This (Positional Sizing and Risk Management) 

Buy at mentioned level (449 and above) the price has to sustain around and above this price in order to enter. Mere breakout will not be considered as Buy signal. Once bought put your GTD orders at each mentioned targets above. Target A and B shall be unchanged. However Target C needs to be modified as stock moves with trailing stop loss. Trailing stop losses post Target 2 will be updated on consistent basis. This is well used strategy for cash segment with high winning percentage and better risk to reward ratio. 

Please note that this trade is strictly Cash Segment only with a holding period of few days to weeks (if required may extend into months). I believe in consistent and safe money with position sizing and risk management as mentioned above . All trades which i will mention here will have consistent follow ups with respect to any changes observed. 

This set up will be ignored if stop loss level is hit before our buy trigger. 

Follow me for regular updates of such high quality analysis of Nifty and Stock Recommendations.

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite.

NIFTY VIEW AS ON 8TH SEP 2020 (Danger Zone) !!

 

It was a very interesting day today where we saw a bullish move for major part of the day sustaining above our support zone of 11300 and downfall later before we close the market. Eventually we still stand in a range on closing basis. The sentiments here right now are two ways , however people are looking more bearish due to external matters which may affect market resulting into further correction. In the tagline I have mentioned DANGER ZONE for a reason as we saw market tends to negate its up move and eventually returns back to its support multiple times. Today's move has confirmed more that Nifty may not easily breakdown either side until and unless some major news comes in as a trigger. So , it is important that we read the screen and take our trades. Find levels as below :  

LEVEL ZONE A is 11310 (This level holds as an important support and Nifty is howering around same several days) 

LEVEL ZONE B is 10775-10840 (This is our final correction zone where on breaking below 11310 and sustained we may see it coming) 

Overall Conclusion : We may see sideways correction in NIFTY if it holds above our ZONE A and breaking below will bring us to ZONE B. Probability of staying in range to bearish is more. Beware of traps on both the sides. The sentiments among trading community is bearish hence breakdown will result into quick and large move so beware !! 

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite.

NIFTY VIEW AS ON 7TH SEP 2020 (ACCURATE LEVEL ZONES)

We have seen a big fall on Friday last week and sentiments have been bearish all across for today. However , for us chart matters more than sentiments. Our chart showed us that 11300 is the key support area and it will not be easy for market to break the same and sustain. Today we have seen that Nifty made a low of around 11250 but it did not stay there even for 15 min in the day which shows the buying pressure at this zone. Now does that mean we have to go long ?? Not yet as 11400 is key level to broken above for further up move. As on today we see that Nifty will mostly stay in range for sometime as we cannot ignore the fact that Bearish candle has been formed last week on Nifty Weekly Chart. Let us see the support zones as below :  

LEVEL ZONE A is 11310 (This level holds as an important support and Nifty is howering around same for two consecutive days) 

LEVEL ZONE B is 10770-10840 (This is our final correction zone where on breaking below 11310 and sustained we may see it coming)

Overall Conclusion : We may see sideways correction in NIFTY if it holds above our ZONE A and breaking below will bring us to ZONE B. Probability of staying in range is more than being bullish or bearish. Beware of traps on both the sides. For further up move NIFTY needs to go above 11400 and sustain as of tomorrow. Avoid buying on the short and long sides. Try to work on far OTM options with your own strategies is my suggestion.

Caution : The views mentioned above are only my suggestions and do not consider it as a TIP or RECOMMENDATIONS. Before taking any further action on the same please consult your financial advisor and work as per your own risk appetite.