Downside pattern in Nifty NOT YET completed.


As expected nifty taken U turn from 11150 to 10631.
As per Elliottwave Principle, downside pattern not yet completed. so this bounce is temporary and down side momentum possible today(Monday). Its not a right time to take long positions at current levels. Sharp Pull back rallies quite normal in Bear markets.
Nifty needs to cosolidate between 10600-10900 zone.
Global markets turned into sell on rally mode.
Inversely, Gold prices moving north side.
Fresh long positions not suggestible as long as nifty takes support and moves above key resistances.
Downside supports 10600-10580
Resistance 10900-11000
Regards,
Suryadev Bandari
Research Analyst

 

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