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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

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Nifty bounced back strongly on back of Major news announcement of Cut in Corporate Tax on Friday. Today nifty retraced 61.8% of entire fall. As of Now, wave 2 in finishing stages.  More possibility for Wave 3 down to begin any time soon. Hence, Be cautious. Its time to reduce long positions. Profit booking time. From current levels, nifty likely to retest 11000 levels anytime. Short term top made. New highs may not be possible from here. Keep booking profits in long positions. Wave 3 Impulsive Down move can begin any time. Regards, Suryadev Bandari Research Analyst www.earningwave.com

Nifty broken down from Ending diagonal pattern. Major trend reversal below 11850 spot.