Nifty is still not out of the woods .Nifty is having so much supply area around 11050-11100-11150 zone.. So if price crosses 11150 zone only then we can expect an upmove towards 11200 to 11300. Again ,, we will see lots of hurdles and resistance area around those levels.
So in particular market index is still in some consolidation mood. But , again if we see any drop below 10850 which can be a breakout of the symmetrical triangle pattern in the downward trend may take the prices to the new low of the immediate trend that is somewhere near to 10500-10450 a crucial area for bulls to continue for the long term time horizon.
Technical analysis tools like trend lines , fibonacci retracement , gann box, mooving averages all are suggesting that the index will face stiff resistance in between 11000 to 11100 levels..
So we need to be cautious at 11000 with our long positions..
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