We have seen a V-shaped recovery in the market. Nifty has almost recovered almost 500 points. We have already reached 38.2% of the previous decline which is placed around 11150 to 11200 range where the 200 DMA is placed. In the near term Nifty may show up move towards 11150-11200 range.
There may be a corrective dip from this resistance range but this should lead to a higher top higher bottom structure and hence we are advising traders to use buy on dips strategy and use any kind of decline as a buying opportunity.
On the lower side, 11000 followed by 10900-10850 range is good support for the market. We expect some positive momentum going ahead in the broader market, said Ruchit Jain of Angel Broking.
