Pritesh MehtaAfter days of narrow range & indecisive candles on the headline index, Nifty gave a first sign of feebleness in Friday’s session as it fell by over 100 points mainly led by fall in banks & financials and profit booking in index biggies. However, a confirmation of a close below three-digit Gann number of 11,1(00) would result in shift in orbit on the downside.For most part of the week, Nifty hovered around the multiple supply points which resulted in sector rotation. Post over 50 percent rally since March low, Nifty had been grinding higher (as seen in this week’s trade) accompanied with low volatility & sector rotation. We believe, index is now staring at strong confluence of hurdle (between 11,350 & 11,600 zone), so smooth sailing ride is bound to get rocky.Close Weekly chart of Nifty & our studies indicates that the movement going forward is going to provide whipsaw moves. After multi-weeks’ rally, Nifty is currently staring at confluence of hurdle. Recently, Nifty achieved its price equality projection around 11,200, 78.6 percent retracement level, presence of multiple Gann numbers and peak of Tall Red bar of March 2020 are expected to prove as a challenge from hereon.Pritesh MehtaLead… Read full this story
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Nifty may face hurdle in 11,350-11,600 zone, volatility likely to rise: YES Securities have 319 words, post on www.moneycontrol.com at August 15, 2020. This is cached page on Business Breaking News. If you want remove this page, please contact us.