In recent trading sessions, the Nifty has been range-bound, says Swati Hotkar, Nirmal Bang Securities.
For the Nifty, the 200 DMA will act as a very crucial strong support, which on breakdown, will propel Nifty towards the 10,620 mark. The overall outlook is positive. On the higher side, 10,940 -10,980 will act as the double top resistance level. Once this level is breached, the Nifty can accelerate to the 11100-11270 mark.
In recent trading sessions, the Nifty has been range-bound between 10,770 and 10,900. Both the daily and weekly charts indicate that the Nifty is trading in a higher top, higher bottom pattern.
One can hold their long positions as long as Nifty stays above 10670.