Possible Support level for Nifty

The NIFTY Index is currently witnessing a sell off on the back of weak Global Cues.

The low on 5th September 2018 was 11393.85 and coincidently the high on 1st August 2018 was 11390.55 . We witnessed a pullback of sorts after 5th September, when the Nifty took this level as a possible short term support and hit a high of 11603 yesterday. Today, there was a sell off in the Emerging Markets and Nifty continued its correction.

Depending on we continue to witness weak Global Cues, Nifty must break this Short Term Support level of 11390 and thereabouts convincingly in order to continue its corrective phase otherwise we may see this level act as a Support once again.

The coming days will be interesting and we'll get to know which path Nifty takes. Will it break this Level or will it act as a Support?? Only time will tell.