Bounce Continues or Bears Strikes Again???


Yesterday Nifty drifted below its Weekly support 10791 in the opening hours, but later of the day it recovered from lows to above support level , closed near 10844.
In daily scale, position of the green candlestick not so strong formation. Huge Call writing was done in strike price of 10900 and 11000. Put writing not so visible much. Options data suggesting that 10900-10940 going to be stiff resistance and nifty likely to trade between 10640-10900 zone.
Traders need to be noted that, 'daily trading range' of the nifty widened and high volatility in market, results in 150-200 points range in intraday.
10820 crucial support for nifty for intraday, below this level, Bears strikes again and takes nifty lower. Keep an eye on this level.
As long as nifty trades below 10950-11000 levels, Every bounce faces selling pressure.
Resistance 10940-11000.
Support 10790.
Regards,
Suryadev Bandari
Research Analyst.

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