NIFTY VIEW AS ON 23 SEP 2020 (Intermediate Support Appears to Be Broken) !!
As we have observed that 11100 zone was providing a good support to NIFTY since yesterday. However , we were of view that somewhere this zone comes out as a weak zone and can be broken anytime looking at bearish sentiments in today's indian and global market. The level was well respected yesterday however that somehow seems to be broken today. The final correction zone Nifty must look for is as below
LONG TERM SUPPORT ZONE LEVEL 10840-10940 (Long term position support zone)
Overall Conclusion : Its been a long time since we were waiting for final zone level correction which appears to come true if NIFTY happens to go below today's LOW. The intermediate support zones are somehow breached today on both BANK NIFTY and NIFTY. We can see some sort of resistance or Rise on Sell set-up around 11200-11225 level zone. Hence for any further up move it will be important to close above and sustain. Ensure to stay light on your existing positions with strict stop loss and avoid going any long yet the right time will come soon !!