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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