NIFTY VIEW AS ON 28 SEP 2020 (Inching towards our confirmation resistance)
As we were expecting Nifty broke above and closed into another bullish positive move. However we have not yet confirmed on any long positions to be made. Levels to watch out for :
Intraday Support Zone is 11115-11120 (Nifty must stay above this levels for further upmove towards resistance)
Long Term Support Zone is 10845-10950 (Levels not to be ignored yet)
Confirmation Resistance is 11280-11295 (Break above mandatory for resumption of upmove)
Overall Conclusion : We have been of view that NIFTY is yet to face the intermediate resistance to confirm the upmove around 11280-11295. The more days we spend below this zone the levels will come closer each day by 5 to 10 points. Long term zone cannot be ignored as if the resistance is strong we might see a retest or break below. Our intraday support zones need to be respected for coming day tomorrow for further up move. As we are reaching towards resistance be light on your positions but do not short as on higher time frame we still on the upmove.