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Nifty achieved 11500 target and tested 11400 spot level too. Now its possible to retest 11500 resistance from here.



Nifty achieved 11500 target and even tested 11400 spot level today. Now its possible to retest 11500 resistance one time before heading lower level. Hence, book profits in short positions once at current levels 11400 and wait for minor bounce towards 11500-11510 zone.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

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Major Event done. Nifty upside capped between 12000-12100. Trend reversal ???

Market discounted Election Results and continuing its own course now. Upside capped between 12000-12100. Today it tested 12040 and sharply reversed trend from there. Now, its heading towards previous upward gap between 11426-11591. Daily charts showing Shooting star like formation. As long as nifty trades below 12100, its downward journey continues towards 11420.-11400. Be cautious on long positions. Regards, Suryadev Bandari Research Analyst

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.

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.
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