Crucial support 11740 broken down, Bears striking with full force.

Yesterday Bulls lost their crucial support zone 11740-11725 zone.
In middle session Bulls tried hard to protect this zone by bouncing from lower levels to day higher level 11780 approx, but failed to sustain at higher levels due to Huge selling pressure.
As I mentioned in last update, Bears are in stronger position over Bulls.
High Beta stocks also failed to rally from support levels and lasting crucial supports one by one.
11740-11780 zone remains to be supply zone. Every Bounce attracts Selling pressure.
Hence, Market in Sell on rally mode.
Technical indicators showing that strong bearish trend in force, as RSI keep on trading below 40 level. MACD trading continuously below zero line.
11614-11550 zone is next downward targets for Bears.
Do not try to catch a falling knife. Avoid building fresh long positions.
Resistance 11740-11780-11800.
Supports 11614-11550.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com



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