*Nifty 50 - update*
In last week Nifty made high 11794, low 11303 and closed at 11333. After broke its resistance range of 11300-11350, Nifty reached near our short term target of 11850 , from there we witnessed profit booking in the market and Nifty correct almost 500 points from its higher levels and slide up to 11300.
We maintain cautious approach on the market. On the daily chart Nifty has important support in the range of 11300-11250, if it sustain below this range then it can test 11000, which its 50 DEMA, thus one should hold their long positions with stop loss below 11250, on the upside the range of 11700-11800 act as a strong resistance for the short term , thus take fresh long positions only above 11800.
*Weekly Pivot Levels *
R2 - 11967
R1 - 11650
P - 11477
S1 - 11160
S2 - 10986.
Disclaimer-Educational purpose only.