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Nifty broken 11680 support. Range shifted down to 11550-11635.

Nifty finally broken triangle pattern on downside last Friday. Today opened gap down and broken 11600 spot too. Presently hovering above it. Final crucial support for Bulls is at 11550 spot level. Once this crucial support breaks down, we can witness freefall in market. Keep strict stoploss to long positions. Avoid building fresh long positions.
Regards
Suryadev Bandari
Research Analyst

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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 www.earningwave.com

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