Yesterday we saw more weakness in the markets and NIFTY fell below 11100 mark in the intraday sessions, but we saw some recovery from lower levels in the last hour of trade. We maintain a bearish view on NIFTY with our immediate term target of 10800, which is its 200DEMA and the short term target of 10600, which is the target of “H&S” pattern. On the upside, now for immediate term NIFTY has resistance in the range of 11300 - 11350, however the range of 11600 - 11650 will play as a strong resistance for the short term.
|Buy above 11255||11184||11400|
|Sell below 11000||11076||10850|