NIFTY bounces strong! Will this bounce sustain?

NSE:NIFTY   Nifty 50 Index
Nifty - Technical Analysis:
-NIFTY stages rebound after 6-day fall
-NIFTY is testing the 11k resistance and rejection from here can push it lower.
-NIFTY gapped up above 10900 and crossed the intraday high in the afternoon session and saw a good trend till 11k

Market - Driving Factors:
-Top Index gainers: Bajaj Finserv (6.64%), HCL Tech (5.30%), Airtel (5.05%)
-All BSE sectoral indices end the day in the green, S&P BSE Telecom biggest sectoral gainer, up 5.73%
-FPIs sold equities worth USD 576 mn over the past five trading sessions while DIIs bought USD 112 mn worth of equities in the same period.
- BSE Midcap index up 2.2%, Smallcap 1.75%

Nifty - Outlook for Wednesday, 23th September:
The key events to be watched out in the near future would be the covid-19 trajectory in India and abroad, progress on Vaccine front and global market cues. Stimulus measures, if any, in the US could provide support to the markets. If the market corrects from these levels, then investors should actively look for accumulating good quality stocks for long term wealth creation.

Testing of 11k will be important, if we sustain above the level we can see the market moving sideways before the trend form. A rejection from here will lead to 10600 level.


good work
Girega nifty monday tak gap down
DM us or comment on this post for further analysis or for any queries
ddsrawna Algokart
@Algokart, Open basis support 10842 not tested today so it may counter the fall created by Untouched resistance 11597 (When nifty opened 11584 open basis resistance gone +13 i.e 11597) ,
So fall may stop. Upmove likely to be started.
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