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NIFTY drops 100 points! Which levels to lookout for?

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NSE:NIFTY   Nifty 50 Index
Nifty - Technical Analysis:
-NIFTY gapped up but instantly started falling from 11300
-It fell till 11100 and bounced back from it to move sideways for the rest of the day
- Nifty ended at 11,153.65 with a loss of 97 points or 0.86 percent.

Market - Driving Factors:
-Among the sectoral indices, BSE IT and Teck ended in the green, bucking the trend. On the flip side, Realty, Oil & Gas, Capital Goods and Industrials lost 2 percent.
-Concerns over the rising pandemic across the globe continued to weigh down the Indian market
-HCL Tech, TCS , Sun Pharma , Tech Mahindra, and Grasim were the top gainers on the Nifty50 index while Zee, GAIL , Bharti Infratel, Adani Ports and Maruti led the losses.
-Nifty Bank and Nifty Metal also shed around 1 percent for the day. Meanwhile, Nifty Pharma rose over 1 percent and Nifty IT added 0.9 percent.

Nifty - Outlook for Wednesday, 23th September:
We feel the ongoing correction is an opportunity to accumulate strong companies with a medium-term view. If you have some longterm bets in a portfolio you can add more to them. While concerns of increasing coronavirus cases is coming back, a second wave information could be incorporated in the markets soon.
We expect it to continue downtrend and see lower levels of 11000.

Comments

I totally agree with you, I have a short position on level 11,130.
Let's hope it breaks 11000 tomorrow. But will need a strong force to take it down, I think 10,800 as the next support line.
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