Nifty closed below 11850, Free fall in Market ahead???


Nifty as expected closed below crucial support level 11850 and closed for the week at 11823.
Bulls lost crucial support level. Next important support for bulls is at 11660-11615 zone. Hence, nifty likely to move towards that support zone. On Friday, all sectors ended in Red. Slowly, INDIAVIX also rising again. Most of the High beta stocks broken key supports, indicating further selling pressure ahead in stock specific. Most probably market likely to move down toward gap level which was formed on 23rd May.
Keep strict stoploss to long positions. As far as possible, keep booking profits at least partially.
Current scenario supporting Bears only. Every minor bounce attracts profit booking.
Resistance- 12000.
Support 11660-11700.
Regards,
Suryadev Bandari
Research Analyst.

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