Nifty is forming a Rising Wedge Pattern which is a technical chart pattern suggesting a reversal pattern frequently seen in bear markets. Nifty have a strong resistance at 11414 and strong support at 11130. If Nifty breaks the level of 11414 it may give a sharp up movement 11690/11820. But if Nifty give breaks support level 11130 and sustain below 11130 then we can seen levels of 10641/10300. In daily timeframe RSI is 68.26 which indicate a bullish sign.
We suggest traders to stay hedged and keep profit booking on consistent basis. Nifty have good strength compare to banknifty but still nifty is now in overbought zone and we can see selling pressure in 1st and 2nd week of August. Keep your funds separate to invest aggressively in that time.
By : ROOPALI VAISH
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