After Thursday’s profit booking, on Friday we saw a sharp recovery from lower levels. We still maintain a cautious stance for the market as NIFTY is trading below 200DEMA. On the daily chart, NIFTY is making an “Inverse Head & Shoulder” pattern and the neckline is placed near to 11100. Thus one can take fresh long position only on a breakout above 11100. However since NIFTY has lot of support in the range of 10750 - 10650, thus long positions can be held with stop-loss of 10650.
|Buy above 11125||11064||11240|
|Sell below 10890||10956||10770|
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