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Bears stepped in and Top reversal pattern formed. Be alert.

 Yesterday nifty and sensex both formed Bearish Belt hold like pattern at higher levels. 

Indicating that Bulls possibly exhausted at current levels (cmp 12845). High made Yesterday 12934.

Now, Impulsive move has ended, we can expect corrective pattern from hereon.

Next important levels to watch in nifty are 12750. and 12550. 

Technically, negative divergences formed in almost all major degree charts.

Hence, its time to book profits in long positions, not to initiate fresh long positions.

Regards,

Suryadev Bandari

Research Analyst

www.earningwave.com




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Exhaustion gap formed. Bulls strength eroded???.

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.