GOOD MORNING ALL
Yesterday, the Nifty opened with a positive gap but soon erased all the gains. Later the Nifty traded in a tight range to close the day flat.
For today, the Nifty is expected to open flat with a slight negative bias. Strong support exists at 11420. On the other hand, the immediate strong resistance is at 11500 which is the derivative data hurdle. If this level is taken out and sustained, we will see a very strong short covering rally.
For the Bank Nifty, strong support now is at 22900. If this is protected the Bulls would be in command. However, they will thrive if the next resistance which is placed at 23200 is taken out.