As far as I can understand the structure of Nifty 50, after bouncing from lowest possible daily support(confluence Candle) in weekly zone, for last 4 days, follow up on upside was satisfactory. 25th, 28th and 29th were clean HH LL candles. 30th was Consolidation and was expected not to breach low of 29th as being a significant candle. Even 30th being inside candle, is also appeared to be significant. Still 29th Sep low is important as it was yesterday also. Now 1st expected long target appears to be in the thick weekly resistance zone of 11442 and 11617. Any consolidation on down side will happen without breaking 11617. But if nifty manages to settle above 11617 then its very likely to resume further upside till 11900 to 12100 levels. My neutral range is still 10700 to 12000, and now slightly shifting bias to be more on positive side.
Comment:
As its a long week end today booked profit in futures. But still 10700 / 12000 option trade is on
