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Nifty reversing from previous high level. Possibly major trend reversal has begun.

Nifty tested 12038 today in opening but due to lack of follow up buying it fell nearly 100 points from day high. One close below 11840 would confirm major trend reversal.
Be cautious on holding long positions.
In Elliott Wave principle point of view, major correction can begin any time. Stay alert.
Regards,
Suryadrv Bandari
Research Analyst

Sent from my iPhone

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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.
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