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Bears can strike again and nifty can crash to 7700-7500 levels.

Short seller's market. Sell on Every Rise. Traders Market.

Last Friday, Nifty made new low 8555 and from there witnessed bounce back in the form of counter trend wave.
From 10150, Next leg of selloff  Impulsive down wave has begun. yesterday , as we expected in last update, nifty recorded new low 7840. Due to Weekly options settlement and in minor counter trend wave it bounced to 9575 level but failed to sustain above it.
As per classical Technical Analysis, Rule of Polarity says that Support once breaks it becomes Resistance.
It proved again yesterday.
8555-8600 zone now acts as resistance levels.
Yesterday's low 7840 now vulnerable to break down again and new lows possible.
Significant levels to watch on downside are 7700-7500.
By Observing market momentum, we can easily get the clue that Every Bounce getting soldoff.
Sell on Rally market.
New investors need to stay on sideways till market correction finished.
This is traders market, especially short sellers market.

Nifty daily range rose up to 500-600 points so, high risk traders only can trade in this kind of scenario.

Resistance 8575-8600-8700.
Supports 7700-7500.

Trade accordingly.
Suryadev Bandari
Research Analyst

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Up move to continue. New Highs to form again.

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.
Support 12210-12170.
Suryadev Bandari
Research Analyst

Nifty@ New High. More to come.

As expected in last update, Nifty took support around 11900 and rebounded yesterday above 12000 level.
Bulls succeeded to close nifty above 12050 resistance zone.
Today it marked new all time high.
This upmove to continue further with short covering rally and fresh long positions.
12250-12300 next upward levels to watch for.
suryadev bandari
research Analyst

Down trend to resume again. Do not fall in Bull Trap.

Nifty achieved our previous downside target zone 7700-7500.
From there it bounced back to 8700+ today.
As per the updated data, this bounce is in corrective pattern only.
Its a Bull trap. Bulls should avoid falling in this trap. This bounce is short term only.
Down trend to resume again and it can break 7500 levels too.

Stay Cautious.

Investors need to wait for some time.
If possible, short sellers can initiate fresh shorts in Index with stoploss above 9100 lvels.
This is for High risk traders only. Nifty daily range become huge so both risk and rewards also huge.
Trade Accordingly.

Today is March Series FnO expiry, so we can see huge volatility in Market.
Market taking short breath only. Bears strikes again.

Avoid fresh long positions.
Its a sell on rally market, But due to restrictions on short selling, not everybody can short sell in this market. Conditions apply.

Resistance 9000-9100.
Downside levels 7700-7500.

Suryadev Bandari
Research Analyst