Nifty closed in the positive territory in the last trading session and it has now approached the downtrend line resistance both in the short term as well as medium term. Now, the momentum indicators on the daily charts
are in sell mode which is a negative sign for the bulls going forward. 10800-10850 has been quite a stiff resistance on the upside and till these levels aren’t taken off the overall bias remains sideways. The Index has
reached the upper end of the range as well as it has formed a rising wedge pattern on the hourly charts which is a negative pattern, hence we recommend buying only above 10810 and 10850 levels. On the lower side, 10707 is an immediate support and below those levels 10650 is the final short term support.