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Published on 21/09/2020 10:57:04 AM | Source: Tradebulls

Index continues to hold itself within the Long Ranged Bar formation - Tradebulls

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Nifty

Index continues to hold itself within the Long Ranged Bar formation with its bounds been placed at 11800-11250. With no signs of any major conclusive price development augurs well for the ongoing trend to continue. As expected 11550 remains the key pivotal for the coming week as well as major price action throughout the week gone by also remained around this vicinity. Key options bounds for the monthly expiry are placed firm at 11800 & 11000 while in the short term the range has been contracting & its pain is now placed around 11600 which could see an expansion once price action expands above the same. Going forward incase 11450 is breached then there could be a sharp swing towards 11250 which looks unlikely as of now as the averages are yet to showcase weakening of the ongoing up move towards 11660-11800 zone .

Nifty Chart

 

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