For bulls to take control, Nifty has to stay above 11,000 level

The Nifty continues to range-trade, even though it had a mildly positive response to the Interim Budget. The index is still very close to its own 200-day moving average (DMA). 

The possible upside is 11,100-plus, but there is strong resistance at 10,900-11,000 zone. Volumes continue to be low. 

Foreign portfolio investors (FPIs) were net buyers post-Budget, and domestic institutions have been the selective buyers in 2019. 

The breadth has been negative with third quarter (Q3) results not making the market enthusiastic. The session volatility has risen, but the volatility index (Vix) has fallen. This signals potential bullishness. The rupee has lost some ground