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Nifty closed below 11426 support level, Down momentum to continue further towards..xxxx.

As per forecast in last update, nifty closed upward gap between 11426-11591 range. Friday filled gap and closed below it. Now major trend has turned down and likely to continue further towards 11300. Below 11300, next downward target is xxxxx. (available to paid subscribers).
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.