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Market on Fence.

Tug of war between Bulls and Bears for the region 12135-12100. Whoever wins the battle, leads the market.
Below 12100, Bears strikes again. Trade above 12135-12150, Bulls leads.
Wait and watch.
Follow the winner.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

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 After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions.  As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700.  Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst