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Published on 22/09/2020 10:04:38 AM | Source: Tradebulls Securities Pvt Ltd

Nifty drifted towards the lower end of the expected broad range placed around 11250 - Tradebulls

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Nifty

Headwinds continue around 11550 as Nifty drifted towards the lower end of the expected broad range placed around 11250. Long Bar formation on the first day of the week warrants the existing resistance to remain intact for the week. With the expiry around the corner option bounds are placed firm at 11000 & 11500 while its mid-point now stands around 11300 which could act as a crucial level for today’s session as well. With the high intensity move being initiated the move could see a drift towards 11000 -11050 which remain a crucial standpoint level for the ongoing range to hold for rebuilding firm longs near the lower end of the range. Long Short positions have been beneficial throughout the series and has provide the necessary edge as upside has been restricted. So it’s ideal to retain the strategy to focus on broader market moves in mid & small cap names which could continue to provide a better alpha with necessary hedge in place with selective weak pockets. Expiry range expected to stand firm at 11500-11000.

Nifty Chart

 

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