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11234 crucial support level to watch. Will it holds or breaks, defines the next trend.


Nifty struggling to stay above 11234 crucial support level. Once this level breaks down, nifty moves down towards next support level at 11140. That is at 200 DMA, Bulls last line of support. Below that level, Bears drive the market down.
Technically, Bearish Harami pattern formed in Daily time frame. In Higher degree, technical indicators in Sell mode, hence, any minor bounce difficult to sustain.
In Elliott Wave Perspective, more possibility for Wave 3 down move to begin or already started today. To get clear cut confirmation, Bears need to break down 11140 support and close below that.
As we entered into results season, stock specific momentum can be seen.
Longholders need to keep stop loss below 11140.
Resistance 11325
Support 11234/11140.
 Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

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