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Nifty Bearish again. cmp 18200.

 Nifty tested 18265 spot and took U turn.

sell on Rise mode.

 

Nifty can head towards 17800-17300-17100 positionally.

Resistance remains at 18300-350 zone. In extreme volatile case, it can be 18460.

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