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Bears won the battle and driving market lower. More to see lower targets.

As mentioned in last update, Bears successfully won the battle and closed nifty below important support zone on Thursday. Thursday itself  I mentioned that wait and watch tug of war and follow the winner. Bears won that battle, and today we all seeing its effect by opening huge gap down and trading at lower level since opening.
Bears driving market, Bulls last hope is at 11908-11891 support zone. As per Elliottwave Perspective, that support zone is vulnerable to breakdown. Hence, Every bounce witnesses selling pressure from hereon. High beta stocks lossing ground. Eventually they can lead nifty downward.
Avoid building new long positions.
Resistance Placed at 12135-12150 zone.
Support to watch 11908-11891.
Suryadev Bandari
Research Analyst

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