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Market's at Short term Peak. Vulnerable to correction soon. Be alert.

 Nifty cmp 11990. day high 12022. Day low 11968. as of 9.56 a.m

As shown in chart, nifty at final stages of trend maturity. Probable reversal zone is at 11850-11800 but it over thrown a bit above 12000, common characteristic in Ending Diagonal pattern. Very soon nifty can witness profit booking. Hence, as far as possible book profits in long positions or atleast keep strict stoploss to long positions. As per the chart pattern, deeper correction ahead in coming sessions.

Key levels to watch 11900 below bearish confirmation. 

Resistance placed between 12040-12080 zone.

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.