Skip to main content

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,
Suryadev Bandari
Research Analyst

Popular posts from this blog


Bearish Harami Pattern at Higher levels limiting upside.

Last week Nifty formed exhaustion gap and after that formed Bearish Harami pattern and failed to cross 11700 resistance. In weekly charts, nifty formed High Wave Candle pattern, indicating that Bulls and Bears strength equalised at current levels last week. Now this week we need to watch 11416 level on lower side and 11696 on Higher side for further directional movement. Whichever side nifty breaks, one side momentum comes in that direction. Technical indicators in Sell Mode, so  higher probabilities are favoring downside momentum to resume. Hence, market in sell on Rise mode. Resistance 11700, Support 11416. Close below 11380 would trigger fresh selling pressure in Market. Bulls need to protect 11380 crucial support to take nifty higher. Bears need to protect 11700 resistance to stop upside momentum. Regards, Suryadev Bandari Research Analyst