Market texture has become as Nifty has slipped below its S0-DMA where 200-DMA of 10775 will be the next important support level while 11185/11100 are immediate support levels. In the upside 20-DMA of 11385 will act as a strong hurdle while 11330 will act as an immediate hurdle at any pullback. Traders are advised to use sell on rise strategy with stop loss at 11400 level.
Banknifty is underperforming where 21400/21000/20600 are multiple support levels but there is no strength in it to play for pullback while 21950-22050 will be supply zone at any pullback and only a move above 22400 can lead a short covering.
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