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the key support level is placed at 11,020.73, followed by 10,971.77. If the index starts to move higher, key resistance levels to watch out are 11,107.13 and 11,144.57.The Nifty50 is expected to open higher on Monday tracking strong global cues. The index closed 1.6 percent higher for the week ended January 25.
But, on Thursday, bulls failed to keep the momentum going as Nifty snapped its 6-day winning streak and made a ‘Hanging Man’ kind of pattern on the daily charts.
The Nifty opening level of 11,095 was also its intraday high and bears quickly took control of D-Street and pushed the index towards 11,000 levels which made a long lower shadow on the daily charts.
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