By Mehul Kothari
Senior Technical Analysist, IndiaNivesh
We have been waiting for quite some time for this breakout since we had a buy on dips view. Now, since the index has managed to close the week above 10880 the triangle breakout is being confirmed and Nifty has a potential to sneak above 11000 mark.
However, we also maintain our stance that 11200 still remains a very strong hurdle for the bulls. Thus we would advise traders to start booking profits once index arrives near that zone. As of now, the support of 10620 has now been shifted to 10690.
Only a move below the same might dwell the ongoing momentum. For the coming sessions 10930 and 10770 would remain an intermediate resistance & support respectively for the markets. Currently we advise traders to trade with positive bias but avoid any overleveraged positions and follow strict stop loss.
