NIFTY 50 has been consolidating around 11200-11350 for about a week now after correcting for almost 500 points from 11350 to 10880.
Now it is not clear whether it will move towards its all time high to 11800 or it will give further correction before going up and move towards 10300 levels. Rising hopes for vaccine and following Global cues as Dow Jones move towards its all time high it has come to this level but from here its very difficult to predict as economies are contracting , daily covid-19 cases are growing and very low consumer confidence indicate sluggish recovery from this pandemic.
Technically on downside it has a good support at 11270 and 11100 levels and upwards resistance at 11360 and 11485. So our take is that without professional guidance do not trade until it stops consolidating and make bold move towards one side and follow trend.
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