base case : trade at boundaries as nifty seems to be range bound for now
boundaries are unlikely to be broken before 1 PM.
After 1 PM if range is broken, trade will be on the breakout direction.
upside breakout target will be around 11100-11120
downside breakout target will be 10840-10850
1. If we look are monthly chart, 78.6% retracement of recent fall comes around 11390 which would be a resistance to the current upmove.
2.There is always a week in a month which goes against the trend . We have yet to encounter such a week this month. This is an observation and not a data point but have to consider it to evaluate the strategy for expiry.
3....
Since Nifty is close to 200DMA and I am not expecting a trending move today , nifty will slide towards 10695-10710 as it has hit resistance around 10830. It will remain range bound today and hence strong conviction that it will come down to its lower boundary.
