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Tug of war zone 18225-18130. Who ever wins, lead the nifty.

 

#nifty cmp 18210. 
18225-18130 Tug of War zone for Bulls and Bears. 
Sustain above 18225 , #Bulls can lead nifty towards 18350. 
Where as Sustain Below 18130, #Bears can lead nifty towards 17900-800 zone. Technicals are in favor of Bears at this juncture. 
 
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