The fall halted at a very crucial pivot zone of 11200.

NSE:NIFTY   Nifty 50 Index
The charts were providing clear signal of exhaustion in Nifty , the same I have been pointing out in my previous weekly issues. Sellers gripped Nifty very hard today and lead to a 431 point fall. The fall halted at a very crucial pivot zone of 11200. Now we have to watch out how Nifty will behaves on Monday. If it closes below the pivot and registers negative close then we have presume that a trend down have begun in the markets. The next major support level lies close to 9600! Well that’s a very distant probability target. To trade short term Nifty needs to close above 11300 for an advance to 11355, 11540 & 11600 levels. However if nifty fails to advance then we may further see corrections to 10900 levels. Some important observations on RSI is the oversold levels below 25! Last time RSI was below 25 August 2019 thereafter the corrections halted and a rally to new highs was seen.

Bharat Jhunjhunwala

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