Skip to main content

Bulls guarded 11100 support and regained 11200 level. Bounce to continue further.

As projected, bulls succeeded in holding crucial support 11100 level and staged come back in 2nd half of the day.
Banknifty too bounced sharply in last hour. This bounce to continue further today. Next upside targets would be 11280 then 11360.
Keep strict stoploss below 11100.
Suryadev Bandari
Research Analyst

Sent from my iPhone

Popular posts from this blog


Exhaustion gap formed. Bulls strength eroded???.

Nifty bounced back strongly on back of Major news announcement of Cut in Corporate Tax on Friday. Today nifty retraced 61.8% of entire fall. As of Now, wave 2 in finishing stages.  More possibility for Wave 3 down to begin any time soon. Hence, Be cautious. Its time to reduce long positions. Profit booking time. From current levels, nifty likely to retest 11000 levels anytime. Short term top made. New highs may not be possible from here. Keep booking profits in long positions. Wave 3 Impulsive Down move can begin any time. Regards, Suryadev Bandari Research Analyst

Nifty broken down from Ending diagonal pattern. Major trend reversal below 11850 spot.