Bulls exhausted. Nifty@16690.

Nifty took support around 15900 zone last week and from there rallied towards 16600-16690 zone.

Bulls exhausted at current levels and Bears can strike any time soon.

Traders must observe that this is not a regular rally, in my view, this is part of bear market rally which has short life span.

In Bear market rallies comes fast and fizzle out faster.

As per Elliottwave perspective, next level of correction coming soon which can break recent support 15700 and head lower.

avoid fresh long positions, its time to book profits wherever possible and stay lite.

invest only 30-40% portfolio and remain in cash.

Macro economic fundamental data can dominate markets for time being which is negative.

regards,

Suryadev Bandari

Research Analyst

Comments

LIVE ON DOORDARSHAN 8 YADAGIRI "BUSINESS MUCHATLU"

Market likely to take a PAUSE.

After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions. As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700. Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst

Banknifty trend Up.

Banknifty almost completed Sideways correction today around 44550 and turned up. Now it appears to be resume upward Journey tpwards 45700+. Regards, Suryadev Bandari Research Analyst.

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