Market in Bear Grip. Beware of Long positions.

Nifty achieved all my previous targets as mentioned in last update even exceeded.
Now, Market in the hands Bears. As nifty broken important psychological Bulls support 12000 and trading continuously below that support,( cmp 11943), next downward targets would be 11900-11880 zone.
Avoid building fresh long positions at this juncture as we can see more selloff in market.
Technical indiacators such as MACD-Below Zero line and RSI below 50 line indicating further weakness to be continue some more time.
Elliottwave pattern also suggesting that more pain ahead.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com
 

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