Today the index slipped 62.05 points or 0.54 percent to close 11520.
The index formed a Bearish Belt Hold candle, as it slipped below the rising support trend line. It also engulfed the positive price moment of last two weeks and partially filled the gap area near the 11500 mark.As long as it holds 11630 the nifty may drift towards its next support at 11450. The upside resistance is at 11630 zone.
As long as the Nifty does not drift below 11500 level, some sort of relief can be expected for the bulls in the next couple of session.
We have to be careful at this point of time because of market valuations of largecaps.
This largecaps may lead this bearish trend.