SURYADEV BANDARI INTRADAY TREND (September 18)
On Friday nifty left gap between 11380-11430. That gap filled yesterday and closed well below the gap. This is indicating that Friday’s Bulls attempt to take nifty higher has failed. Bears tighten their grip on market.
Now markets well positioned to break down next supports 11290-11245 from current levels. Banknifty too closed Friday’s gap and heading lower.
Avoid taking fresh longs for investment purpose. Let this correction complete, till then stay in Cash.
Intraday resistance 11445-11475.
- Suryadev Bandari, Research Analyst