Nifty near support zone. 10500-10600. Minor pull back rally can begin anytime.

Nifty witnessed huge gap down opening today.
Sudden fall in Crude prices and Global market selloff are major reasons for this.
For the short term point of view, nifty trading near important support zone 10500-10600.
On Upside nifty facing resistance 10800-11000 zone.
Hence, Avoid aggressive short selling.
Markets already oversold and any time technical pull back rally possible from current levels.
Options data suggesting that,  10500 strong support for today. This level may not be break.
Long positions can be initiated for intraday bounce, keep stoploss below 10480-10460 levels.
Banknifty options data suggesting that 26500-26600 strong support zone.

Avoid fresh short selling as long as nifty trades above 10500 spot level.
Regards,
Suryadev Bandari
Research Analyst

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