Counter trend move turned into triangle pattern. Major down trend to resume from here.

Triangle formation in progress as part of counter trend move from 10800 to 11140 zone. Its in last leg of triangle pattern. Today or tomorrow major down trend to resume towards 10800 level from current levels.
11200 strong resistance for Nifty.
11000 psychological support.
10900 Technical support.
Avoid taking fresh long positions.
As far as possible reduce long exposure as any time from here down trend resumes.
Sell on Rise market.
Regards,
Suryadev Bandari
Research Analyst

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LIVE ON DOORDARSHAN 8 YADAGIRI "BUSINESS MUCHATLU"

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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