Nifty has strong resistance between 11,300 and 11,400: HDFC Securities

Nifty outlook

Nifty recovered more than 500 points in last three sessions. Nifty has now reached very crucial resistance which is derived from the Fibonacci retracement of the entire downswing seen from 11,794 to 10,790. If Nifty were to negate the downtrend, it has to form higher bottom followed by higher top. So, still there is a lot of uncertainty and clear trend is not visible on the charts. As of now the level of 11,100 is expected to provide support to the Nifty. The range of 11,300-11,400 is likely to act as a resistance for Nifty.

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Disclaimer: Vinay Rajani is Technical Research Analyst at HDFC Securities. The analyst doesn't have any holding in the stock. Views are personal.