Technical Overview of Nifty: As mentioned previously, the entry price of Nifty is 11300 and the reason is that Nifty has taken support from 11100 two times with confirmation of . If you are an option chain analyst then you could easily identify option data of Nifty . On the last trading day, Nifty has given Breakout to Inverted Head & Shoulder with good volumes. However, Nifty has closed exact below the Resistance i.e. 11700. We are expecting small correction here till 11600 i.e. previous top. As per Head & Shoulder target is big i.e. above lifetime high 12900. As per weekly & monthly option chain analysis, 11600 is strong support and Nifty is ready to touch 11900.
As per our view, Nifty traders can buy on dips till 11600 or wait till close above 11700. Keep stop loss of 11400 on a closing basis and hold for the target of 11800/12000/12200/++.
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