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Bounce Continues or Bears Strikes Again???

Yesterday Nifty drifted below its Weekly support 10791 in the opening hours, but later of the day it recovered from lows to above support level , closed near 10844.
In daily scale, position of the green candlestick not so strong formation. Huge Call writing was done in strike price of 10900 and 11000. Put writing not so visible much. Options data suggesting that 10900-10940 going to be stiff resistance and nifty likely to trade between 10640-10900 zone.
Traders need to be noted that, 'daily trading range' of the nifty widened and high volatility in market, results in 150-200 points range in intraday.
10820 crucial support for nifty for intraday, below this level, Bears strikes again and takes nifty lower. Keep an eye on this level.
As long as nifty trades below 10950-11000 levels, Every bounce faces selling pressure.
Resistance 10940-11000.
Support 10790.
Suryadev Bandari
Research Analyst.


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Market discounted Election Results and continuing its own course now. Upside capped between 12000-12100. Today it tested 12040 and sharply reversed trend from there. Now, its heading towards previous upward gap between 11426-11591. Daily charts showing Shooting star like formation. As long as nifty trades below 12100, its downward journey continues towards 11420.-11400. Be cautious on long positions. Regards, Suryadev Bandari Research Analyst

Counter bounce move to finish soon and Selloff resumes.

Nifty bounce from 10800-11170 range has a-b-c counter trend characteristics. This counter trend move in finishing stage. Any time Selloff in market resumes from current levels.
10800 likely to break this time.
Keep booking profits in long positions, if any.
Positional traders can initiate fresh short positions in Nifty for lower targets 10800.
Resistance 11200.
support 11000-10900.
Suryadev Bandari
Research Analyst.

Nifty trading near upper range of resistance 11700-11707. Will it reverse trend from here???

Nifty trading near its upper range of resistance near 11700-11707. Technically, nifty still in counter trend wave last leg. Hence, it can take U turn from current levels any time today. We get confirmation of trend reversal once nifty breaks and trades below11650 spot level. Next downside targets and supports are at 11610-11575.
Keep strict stoploss orders to long positions. As in general major trend reversal begins with 100-150 points sharp fall in a day. stay alert. Resistance 11700-11707-11737. Support 11610-11575-11535. Regards, Suryadev Bandari Research Analyst