Nifty facing stiff resistance at 10950-11000 zone. Bulls failed to continue Wednusday's bounce due to lack of buying interest from buyers. Whole day nifty moved in narrow range and formed bearish candle.
Today 10820 level is very crucial to decide trend. Below this level, Bears takes control on market and we can see selling pressure till 10747. Above this Bulls tries to move above 10950 levels.
10747-10950 is range for nifty today.
On weekly scale, high probability for nifty move towards 10747 and even lower, as today last day in Week, Bears tries to close below or near weekly lower level.
Most of stocks witnessing selling pressure on every bounce.
Still market in 'SELL ON RISE' mode.
Utilize every bounce to create short selling trades, keeping stoploss above 11000.
Crucial level to watch 10820.
- Suryadev Bandari, Research Analyst