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Nifty at 17440. Stay Cautious.

 

Nifty cmp 17440.

Stay cautious, markets can take reversal  anytime from here. 

Markets on edge. 

Clear negative divergence .

Keep Strict stoploss for longs.

Regards,

Suryadev Bandari

Research analyst

 

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 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