Nifty touched the high of 11770 and breached the support of 11550. All the indices have been on the downside with significant downside in the media sector.
Nifty has formed a strong bearish candlestick pattern on the weekly charts and the market looks quite weak.
Outlook is quite cautious and expect volatility to increase on account of the election results.
We advise to trade the market cautiously and be very stock specific. The upside resistance is at 11750 while the downside support is at 11097, says Dinesh Rohira, CEO, 5nance.com