Counter move retraced 50%. Its time to down trend to resume.


Yesterday, nifty moved in range of 11291-11420 and closed near opening level.
In daily time frame, nifty formed Doji Pattern at 50% retracement level.
Technical Indicators formed Negative Divergence in short term time frame.
Market Breadth also negative.
Immidiate resistance at 11400 and then 11550.
Immidiate support at 11261 there after 11191.
In Elliottwave Perspective, minor degree counter wave almost completed at 50% retracement of previous fall and its ready to unfold IMPULSIVE DOWN WAVE.
Next downward targets 11261-11191.
Avoid taking fresh long positions. Keep strict stoploss to long positions.
Market facing high volatility, trading range widened. risky for average traders.
Today is 11261 is crucial support for Bulls to continue this bounce further.
Once this support breaks down, then Bears take control on Market and drives down to 11191.
Sell on Rise Market.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

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