NIFTY VIEW AS ON 22 SEP 2020 (LEVEL WELL RESPECTED) !!
As we have observed NIFTY has exactly bounced back from 11110 level mentioned yesterday. However, this is not necessarily the strong support and may get broken further. Hence don't take any long positions yet as there is global meltdown. Let's us see what levels are to be observed as below
MEDIUM TERM SUPPORT ZONE LEVEL 11110 (Swing position support zone)
LONG TERM SUPPORT ZONE LEVEL 10835-10940 (Long term position support zone)
Overall Conclusion : We had this bearish view already since Friday where our intraday support was broken. Today we have seen that level of 11110 has acted well as support. further break down below will open our LONG TERM SUPPORT ZONES. Avoid long side position levels around 11300-11310 may act as a resistance if Nifty looks to move above.