The 11,760 level still holds significance in form of a major double top resistance.
Wednesday’s session is likely to see 11,610 and 11,685 levels act as resistance points.
RSI on the daily chart stood at 54.54. It has made a fresh 14-period low, which is bearish.
Nifty50 did not give any fresh breakout and the 11,760 level continued to remain key.
We need to approach the market more cautiously now than before.
Thursday’s session is likely to see 11,810 and 11,865 levels act as resistance points.
Traders should use any upmove to protect profits and take some money off the table.
The correlation between Indian VIX and benchmark Nifty50 is typically negative.
Nifty is likely to see the 11,710 and 11,760 levels pose a stiff resistance to any upsides.
However, their relative momentum remains strong and intact compared with the broader market.
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