Contracting Triangle formation in Progress. Minor Pull back expected before going down.

Nifty in counter-trend wave pattern between 7500-9100 range.
This counter-trend wave taking  "contracting triangle formation", to complete this triangle formation, one minor pull back to 8900-9100 possible before taking downward momentum.
Hence, today expected to be in positive territory and can test anywhere between 8900-9100 zone.
As we all know that counter-trend wave means a temporary pause in a major trend.
After completing the counter-trend move, Major trend resumes, which downtrend.
Hence, use this bounce to exit some of the long positions or book profits in long positions which were bought at recent lower levels.
This is certainly not the right to fresh investments.
Trade Accordingly.
Resistance 8900-9000-9100.
Supports 7700-7500.

Suryadev Bandari
Research Analyst

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