Stock picks of the day: A move below 11500 could trigger further profit taking
Episode 1077, Apr 11, 2019, 02:00 AM
The Nifty50 resumed its choppy trading sessions following a pause in the Friday’s trading session. Further, it has formed a sizeable Bearish Engulfing pattern clearly signifying that the bears are gathering momentum.
A move below 11,550-11,530 support zone will trigger more corrections dragging the Index lower to levels of 11,465-11,420. However, a sustained trade above 11660 may lead to short covering rallies taking it higher to levels of 11710-11760.
Moreover, a close beyond 11,760 is required for a resumption of the bull trend; otherwise bears may take control of the markets and push the Index down gradually making a double top formation at 11,760 level on the Index.