Nifty at the lower band of narrow range

Nifty is presently at the lower band of its 200 points narrow range. Lower band of range is the support line formed from March 23 low. Nifty closing in red in the next trading session can therefore be taken as confirmation of break from its 5 months uptrend.

Upper band for Nifty is formed by Oct 2018 – Sep 2019 support line, which is now playing as resistance for Nifty at 11392 levels. This is stiff resistance point as another key level of 78.6% Fibonacci ratio (on one year high and lows) is also around the same level at 11378.