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Nifty retested Breakout level 11250 and now heading towards 11400+

Yesterday Nifty successfully breakout range resistance 11250 and closed above 11300.
It clearly indicating that nifty wants to move higher levels.
Today, it retested yesterday's breakout level 11250 and now poised to move higher above 11400+.
Avoid short selling. Every dip being bought.
Suryadev Bandari
Research Analyst.

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Bearish Harami Pattern at Higher levels limiting upside.

Last week Nifty formed exhaustion gap and after that formed Bearish Harami pattern and failed to cross 11700 resistance. In weekly charts, nifty formed High Wave Candle pattern, indicating that Bulls and Bears strength equalised at current levels last week. Now this week we need to watch 11416 level on lower side and 11696 on Higher side for further directional movement. Whichever side nifty breaks, one side momentum comes in that direction. Technical indicators in Sell Mode, so  higher probabilities are favoring downside momentum to resume. Hence, market in sell on Rise mode. Resistance 11700, Support 11416. Close below 11380 would trigger fresh selling pressure in Market. Bulls need to protect 11380 crucial support to take nifty higher. Bears need to protect 11700 resistance to stop upside momentum. Regards, Suryadev Bandari Research Analyst