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NIfty struggling to move up. Trend favoring Bears.



From past week, nifty moving in range bound between 11800-11625.
Breakout from this range in necessary to move forward. 
Technically, Series of Negative Divergences and Selling mode in Monthly, Weekly and Daily charts indicating that nifty upside is limited and downside movement is imminent from current levels. Conversely, Gold breaking out key resistances and making higher levels each day. 
Bears get strength below 11670 and next downward target for nifty would be 11600-11595 zone.
Every bounce is a short selling opportunity at current levels.
Regards,
Suryadev Bandari
Research Analyst

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