Mehul Kothari
Senior Technical Analyst – Equity, IndiaNivesh
In latest session, the index Nifty spot remained in a trading range of its previous session and there is hardly any change in the price structure. Thus, we reiterate our view that the price structure indicates both lower and upper ranges are contracting and taking shape of a triangle pattern. A breakout on either side from this pattern shall dictate the further trend.
On the upside, positive momentum might continue only above 10923 mark which could take the index towards psychological level of 11000. On broader time frame, the support of 10330 has now shifted to 10530.
A decisive move below the same might end the bullish trend for the time being. Intermediate support is now at the lower range of triangle which is Friday’s low of 10628. At this juncture, we advise traders to remain stock specific but avoid over leveraged positions.
