In the previous report, I discussed 10900 level will be crucial for the further market trend. But, Un-luckily Nifty Index hit low few points below 10900 (in fact gave close below it); and moved higher.
That’s the part of the game & one has to accept it. Let’s analyze what Index can do ahead now.
At present Nifty is trading near short-term Risk-line. The range from 11220 to 11341 is critical from a further trend perspective.
The 121 points range is big, but market structure is still looking range-bound.
I believe either Index will break 11220-341 points range in ONE shot and will move higher or First, it can show a dip, and then it will attempt to move higher.
The probability of dip is higher as ‘Fixed Time Cycle’ dates are due in the next week. So we can see low near those timing points.
On the lower side, 11100 will act as support below that probability of 11030/10900 will increase a bit.
I’ve set the groundwork for you. Observe the above Price ranges and market’s action near to it, for making the right decision. Have a profitable trading week ahead. - Divesh.