As expected in last update on Friday, nifty exactly tested 11635-11640 zone and reversed from there. From day's High 11639, it fell more than 100 points to 11522, its indicating that Nifty has resumed its down trend on Friday itself.
Now next downward key levels to watch are 11475-11425.
Every minor bounces faces selling pressure from hereon.
Market in SELL ON RALLY mode.
Avoid taking long positions especially in futures segment.
Global markets also ready to reverse downwards.
Resistance 11640-11700 zone.
- Suryadev Bandari, Research Analyst