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.
Regards,
Suryadev Bandari
Research Analyst

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Market likely to take a PAUSE.

After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions. As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700. Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst

Banknifty trend Up.

Banknifty almost completed Sideways correction today around 44550 and turned up. Now it appears to be resume upward Journey tpwards 45700+. Regards, Suryadev Bandari Research Analyst.

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