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Nifty at Crucial Resistance zone. Be alert.

 Today , I am showing nifty weekly chart, as per chart shown, nifty near to its major resistance trend line.

Elliott wave wise, nifty at the ending level of 5th Wave of larger degree. 

That makes nifty vulnerable to correction at any point of time.

Upside resistance placed at 12780-12900 zone. 

Yesterday nifty achieved nearly 12780 resistance level. So we can expect correction any moment.

Moreover, Diwali and Muhurat trading also tomorrow so most probably, upward journey nearing to end.

Technical parameters too over bought and Negative Divergences formed.

Investors protect profits and book profits as far as possible. 

Keep watch 12430 zone carefully, once that support breaks, Bears take control.


Suryadev Bandari

Research Analyst

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