Intraday support at 11,640 and 11,580      (29 Oct 2020)

Intraday support at 11,640 and 11,580      (29 Oct 2020)
Resistance 1 : 11,700     Resistance 2 : 11,745
Support 1  :     11,640     Support 2:       11,580

Nifty yesterday closed with a loss of 160 points. 
Market closed nearer to lower levels.
The Short-term looks weak. 
 
A negative opening is expected due to global trends.
In-case of a recovery, then intra-day resistance is at 11,700.
Market has to trade below this, for a further uptrend.
Then the next major resistance above is at 11,745.
On a closing basis, market has to close above 11,700 levels.
Nifty in a reaction, then intra-day support below is at 11,640.
In-case of any trading below 11,640, then it indicates a further weakness.
Then the next major support below is at 11,580 and 11,500.
 
- Sundar  Raja, Research Analyst


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