Index level for 20 May
Nifty Spot CMP at 11685
Resistance at 11700 / 11795
Support at 11590 / 11425
View: - Nifty has managed to hit the gap zone at 11699.35 and has filled the gap with today's move. Nifty open was 11651, DH at 11694 in early trade and hit a low at 11591. Nifty rebounded to hit high at 11699.95. Basically a new high that was just 6 points higher than previous one intraday. If morning highs are taken out, chances of hitting 11795 are there. But going by the structure of market, boundary has been defined and there are not as much shorts in systems / short covering that was being anticipated post open.
In Short - market has hit a resistance on Daily TF and has not managed to cross it on upside it till now convincingly.
What are we looking for now ?
A) Either a break of Day low on Nifty spot.
B) We give a closing above 11700 for a higher target on upside post that.
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