Nifty recorded new high on Friday 12311.20
After recording new high, nifty faced minor selling pressure and dipped down to 12217 level.
There again Bulls entered fresh longs and index closed nearly 12256 level.
Today, Nifty again likely to record new highs and this up move to continue more towards 12360-12375 levels.
Major High beta stocks ready to move higher levels.
Banknifty did not made new high on Friday, so most probably , banknifty to test previous highs today and may record new high.
Avoid short selling. This is buy on dips market.
Nifty Resistance 12360-12375-12400.
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
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.