NEW DELHI: Nifty50 snapped a two-day losing streak on Wednesday to settle above the 11,100 mark. During the day, it embarked on a recovery from sub-11,000 level, showing initial signs of strength.Nifty’s advance-decline ratio remained strong at 37:13, but the index formed a lower highs and lows, signalling lack of conviction. Analysts said the intraday recovery was encouraging, but not necessarily a sign of trend reversal. The 11,150 level will be key for Nifty’s next upmove.The index is still trading below its 200-day moving average and, thus, traders are advised to refrain from creating long positions, unless the index shows signs of strength on the momentum oscillators, said Mazhar Mohammad of Chartviewindia.in.A sustained trade above 11,150, which happens to be the meeting point of cluster of resistances, can trigger more short-covering rallies and take Nifty to 11,210-11,290 levels, said Aditya Agarwala, Senior Manager, Technical Analysis at YES Securities.A failure to sustain above 11,150 level can resume the correction and take Nifty to 11,050-11,000 levels, Agarwala said.For the day, the index closed at 11,118, up 32.60 points or 0.29 per cent. The index formed a small bullish candle on the daily chart. “The index has immediate resistance near its 200-DMA at 11,150. If it manages to sustain above the said level, it can see some a smooth move towards the 11,220-11,300 range. Support for the index exists near the 11,060-11,000 zone,” said Rohit Singre of LKP Securities.