Outlook
After clearing the hurdle of 10930 mark, in the past few session the index faced some profit booking from higher levels and is still trading below the 10800 mark. On the daily chart, Nifty is still bouncing from the support formed by the rising line of triangle pattern which indicates that the bullish pattern is still intact. Thus we maintain our stance that the upside could continue in upcoming sessions.
The momentum might fade away only on a breach of this trend line support i.e. 10800 mark. Till that time traders are advised to remain stock specific and avoid over leveraged positions. On the upside, 10870 – 10900 mark are likely to act as intermediate resistance for the coming session.
