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Nifty update for 02-05-2019. Tug-of- war between Bulls and Bears for 11680-11780 range.

Nifty trading in tight range between 11680-11780 range.
From past 21 trading days, Bulls defending 11545-11620 range, and Bears protecting 11800 level, who ever wins this tight range, will lead the market for next 20 days.
Below 11680 weakness sets in and can drift towards 11570-11540 zone.
On the higher side, if it stays above 11780, then it can bounce till 11840.
Broader range for nifty is 11540 on downside and 11780 on upside.
Bulls need to watch 11680 spot level as support.
Bears need to watch 11840 as resistance, as long as nifty stays below 11840, trend is negative.

In Higher time frame, MACD and RSI trending downward, means in selling mode. Hence, every bounce faces selling pressure. That's why we can say it as "SELL ON RISE" MARKET.
Regards,
Suryadev Bandari
Research Analyst

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