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Counter bounce move to finish soon and Selloff resumes.

Nifty bounce from 10800-11170 range has a-b-c counter trend characteristics. This counter trend move in finishing stage. Any time Selloff in market resumes from current levels.
10800 likely to break this time.
Keep booking profits in long positions, if any.
Positional traders can initiate fresh short positions in Nifty for lower targets 10800.
Resistance 11200.
support 11000-10900.
Regards,
Suryadev Bandari
Research Analyst.
Recent posts

Nifty likely to break 10775 crucial support level. Avoid long positions.

Nifty everyday making new lows and breaking daily, weekly and monthly support levels one by one. Now crucial level to watch is at 10775 spot level. This support is vulnerable now, likely to break this support soon.  as far as possible avoid taking long positions. Intraday bounces not going to sustain. Every bounce witnessing short selling and selling pressure. Regards, Suryadev Bandari Research Analyst

Nifty broken 11100 support as expected. Whats next level????

Nifty broken down crucial 11100 support level. Now today hovering around 11000 Psychological level. Will Bulls able to hold this psychological support?? Or Bears able to break down this support too??. As per Elliottwave Principle pattern, this 11000 psychological support is going to be broken down soon. Next key level to watch in downside is 10xxx.(level available to paid subscribers only).
Most of the sectors witnessing selling pressure and India VIX too inching up. Regards, Suryadev Bandari Research Analyst

Nifty trading below 200 DMA. Selling pressure to continue further.

Nifty first broken down 11300 and then 200 dma at 11268. Now today its trading below 11200 spot level. All these factors indicating that at macro level economy growth is slowing down and may take some quarters time to revival.
Next crucial supports for bulls are at 11175 and 11100.
Banking related stocks likely to face more selling pressure from current levels. As far as possible, reduce long exposure. Traders can initiate fresh short sell positions on bounces.
Regards,
Suryadev Bandari
Research Analyst


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Nifty closed below 11426 support level, Down momentum to continue further towards..xxxx.

As per forecast in last update, nifty closed upward gap between 11426-11591 range. Friday filled gap and closed below it. Now major trend has turned down and likely to continue further towards 11300. Below 11300, next downward target is xxxxx. (available to paid subscribers). Regards, Suryadev Bandari Research Analyst.

Nifty trading near upper range of resistance 11700-11707. Will it reverse trend from here???

Nifty trading near its upper range of resistance near 11700-11707. Technically, nifty still in counter trend wave last leg. Hence, it can take U turn from current levels any time today. We get confirmation of trend reversal once nifty breaks and trades below11650 spot level. Next downside targets and supports are at 11610-11575.
Keep strict stoploss orders to long positions. As in general major trend reversal begins with 100-150 points sharp fall in a day. stay alert. Resistance 11700-11707-11737. Support 11610-11575-11535. Regards, Suryadev Bandari Research Analyst

As expected nifty reversed from 11635-11640 zone. Trend Reversed???

As expected in last update on Friday, nifty exactly tested 11635-11640 zone and reversed from there. From day's High 11639, it fell more than  100 points to 11522, its indicating that Nifty has resumed its down trend on Friday itself.
Now next downward key levels to watch are 11475-11425.
Every minor bounces faces selling pressure from hereon.
Market in SELL ON RALLY mode.
Avoid taking long positions especially in futures segment.
Global markets also ready to reverse downwards.

Resistance 11640-11700 zone.
Support 11425-11400.

Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com