11,250 crucial for Nifty to negate bearish set-up: Vinay Rajani of HDFC Sec

Nifty needs to close above 11,250 to negate the Bearish Technical setup

Nifty reversed northward journey after witnessing a correction of 460 points from the recent top of 11,341. It, however, found support around its 200 days SMA and surged more than 200 points, to close above 11,100. This sharp recovery could end up being a dead cat bounce, as the trend-line support which was recently broken could act as a resistance at 11,250. Therefore, unless Nifty surpasses 11,250 on closing basis, probability of resuming down trend would remain.  

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