Upside targets achieved in Nifty and Banknifty.
#Banknifty cmp 40875.
Negative Divergences forming in hourly charts.
It's time to stay alert on long positions
Regards,
Suryadev Bandari
Reseach Analyst
Information+Trading = Minting Money
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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
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