Immediate resistance for Nifty is placed around 11240 level .A sharp move above that level can lift index up to 11387 to 11536
Meanwhile in weekly chart index is near a bullish breakout.That is in daily chart 8ema is poised for a crossover with 50 ema if that happens index can rally upto 12200 levels.If that cross over happens index will close near weekly high. So be very watchful. If nifty breaks 11240 resisatnce I am planning to buy 11300 CE
On the other hand a drop below 11045 will nullify all bullish trend in the very short term.
Meanwhile in weekly chart index is near a bullish breakout.That is in daily chart 8ema is poised for a crossover with 50 ema if that happens index can rally upto 12200 levels.If that cross over happens index will close near weekly high. So be very watchful. If nifty breaks 11240 resisatnce I am planning to buy 11300 CE
On the other hand a drop below 11045 will nullify all bullish trend in the very short term.
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