Nifty: Near its 1st support
As mentioned in the previous chart, NIFTY has corrected to the the support level around 10900. 200DMA comes around 10860 and other trendlines also state that nifty could get support form current level to 200DMA level. the global market are trading mixed which may decrease the downward momentum in NIFTY. Result season was mostly better than expected. However the most of gains, NIfty made in July need to be attributed to Reliance which has been in downtrend for the last two days. So future movements may depend on how global market preform.
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