As long as nifty stays below 11800, downside momentum likely towards 11680-11591.
As expected, nifty moved in tight zone entire day and in 2nd half, it breached supporting trendline at 11708. Closed on the fencing line. Today also watch 11680 spot level carefully, breaching and staying below this support means, nifty heading down towards 11624-11591 zone.
11800 remains as strong resistance levels. Technical indicators still on sell side momentum. As per the daily and Weekly time frame, nifty range would be 11800-11564. Yesterday, we tested 11795, hence, more chances to test lower range today. Keep strict stoploss orders to long positions.
IT, AUTO, PHARMA and Banking sectors likely to under perform today also. Avoid taking long positions these sectors.
Positional traders can initiate fresh short selling after nifty breaking and staying below 11680 spot level for target of 11571-11545 spot targets.