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Nifty upside capped between 11900-12100. Possible Bull trap.

Market reacting to Exit Poll surveys and marked new High in Nifty at 11882 today.
On higher levels strong resistance between 11900-12100. India Vix still above 24.50 levels.
High volatile sessions possible till 23rd May until final counting results announcement.
Only risk appetite traders take short sell positions with strict stoploss levels at higher levels.
Risk averse traders better to stay in cash and wait for election results.
Nifty and Banknifty likely to move down towards yesterday's gap zone.
Overall structure looks like trapping Bulls. Bull trap. Avoid taking new long positions.
Use this bounce to exit from existing long positions.
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

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