Equity benchmarks started the September derivative expiry week on a negative note amid weak global cues. The Nifty settled Monday’s session at 11250, down 254 points or 2.2%. Index is opening on a flat to positive note on back of muted Asian cues. In the coming session, holding above Monday’s panic low (11218) on a closing basis will keep pullback options open, amid stock specific action. Hence use dips towards 11210-11232 for creating intraday long position for the target of 11320.
The daily price action formed a sizable bear candle, as contrary to our expectation index breached the intermediate support of 11300 on a closing basis backed by across sector sell-off, indicating extended profit booking. In an uptrending market, such sharp profit booking legs needs follow through to signal major correction. ON the downside the index has support at 11100 levels whereas the upside is capped at 11500 levels.
Nifty Daily Chart
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