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

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