On the higher side, Nifty could move towards its immediate resistance level of 11,200. Any close above 11,200 levels would result in further short covering, which might push Nifty to 11,450 levels
The Nifty fell 72 points on September 16 as crude oil prices surged more than 10 percent following the September 14 drone attack on Aramco’s production and refining facilities. A weaker rupee versus the dollar also dampened sentiment.
Though Nifty has fallen, it is still trading above its 20-Day SMA. Oscillators and momentum indicators like RSI and MACD have been showing strength on the daily as well as weekly charts for the Nifty and Bank Nifty.
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