Bulls exhausted at 11150 level, major trend reversal due from here.

Bounce from 7500 to till 11150 almost completed as counter trend move.

From here, we can expect major trend reversal, which is down trend, can resume any time soon.

Long term investors, short term investors book profits at least 30% to 50% and stay in cash.

High beta stocks now likely to drag nifty down. Bank nifty too witnessing weakness at higher level.

Nifty need to break 10930 support to get clear trend reversal confirmation.

Resistance 1150-11180.

Support 10930-10950,

regards,

Suryadev Bandari

Research Analyst

www.earningwave.com

Comments

LIVE ON DOORDARSHAN 8 YADAGIRI "BUSINESS MUCHATLU"

Market likely to take a PAUSE.

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

Banknifty trend Up.

Banknifty almost completed Sideways correction today around 44550 and turned up. Now it appears to be resume upward Journey tpwards 45700+. Regards, Suryadev Bandari Research Analyst.

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