Since two days, Nifty & BN was facing resistance 10920 & 27200( spot) level. These levels have been crossed today by support buying in lower level and closed above these levels. It really indicates that Nifty will reach 11043 in next week and BN will reach 27500 & 27750- 28000 level in next week.
Supporting data:
1) If recent Nifty rally from 10637 to 11141is considered, then 50%=10890, 61.8%=10830 and 78.6%=10740. Nifty has taken support on all these levels in this week and closed successfully above 10920. It clearly indicates market will be positive bias till 11050.
2) In the last week expiry, about one lac put contracts have been squared off and one more lac put contracts may square off on Monday onwards which will take Nifty to higher level with short covering. This kind of scenerio had happened in previous rallies.
3) If this happens, Nifty may also not stop at 11050-150level in coming weeks. In contradiction, Nifty may go to 10890 & 10830 level (strong support zone)which will be an opportunity to buy on dip.
Note: Donald Trump's one tweet can take Nifty to 10630 level in 1 or 2 session!!!!