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Another leg of Selloff ahead???


Nifty almost completed Running Flat pattern as part of counter trend move.
Now its vulnerable to correction as part of Impulsive down wave towards previous lows.
Be alert about long positions.
On Friday last leg of flat pattern almost completed and closed below crucial resistance level 11155-11200 zone. As long as nifty trades below this resistance, Trend deemed to be bearish.
Impulsive down moves often furious fall anywhere between 150-200 points dip in a single day.
Keep strict stoploss to long positions.
Friday's GDP DATA showed growth at 6 years low. Conversely, Gold trading at 6 years Highs.
Both data indicating that Equity markets to face rough road ahead.
Resistance 11155-11200.
Crucial support 10900.
Next level to watch. 10640.
Regards,
Suryadev Bandari
Research Analyst
 

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Market in Bear control

NIfty moved exactly as forecast in last update.
Yesterday Bulls failed to hold 10850 support level and nifty closed well below that level.
Today, In opening also Bulls failed to hold opening gap up.
Most preffered wave count suggesting that IRREGULAR TRIANGLE completed and Impulsive down move has started. Next downside level to watch is 10750.
Market in Sell on Rise Mode.
10875 first resistance and 10975 strong resistance.
Minor support 10750.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

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
www.earningwave.com