NIFTY VIEW AS ON 21 SEPT 2020 (HEAVY BEARISH MOVE CAUTIONED YESTERDAY) !!
As the tagline says , our view yesterday had this confirmed that our INTRADAY support was broken. This confirmed us that we may see a bearish move today towards 11400 levels. We also mentioned that 11530 may act as a resistance today and we can see that today's HIGH made is of 11535. However , what we did not expected was the move would be so fast and quick that it ended well below our Intermediate Support Zones. What we can expect next and what are the levels to watch out for
MEDIUM TERM SUPPORT ZONE LEVEL 11110 (Swing position support zone)
LONG TERM SUPPORT ZONE LEVEL 10830-10940 (Long term position support zone)
Overall Conclusion : The word of caution for tomorrow is first of all the NIFTY is looking very bearish for upcoming days. So if you are having open positions you better keep your stop losses tight. We can expect NIFTY to pause for a while at 11110 however this as per me forms a relatively weak support. We wont be suprised to see it break. Mentioned long term support zones are crucial levels which should not break beacause that will halt our long going Index since April 2020 to some extent. Lets see what happens with the coming time !!