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Nifty reversing from previous high level. Possibly major trend reversal has begun.

Nifty tested 12038 today in opening but due to lack of follow up buying it fell nearly 100 points from day high. One close below 11840 would confirm major trend reversal. Be cautious on holding long positions. In Elliott Wave principle point of view, major correction can begin any time. Stay alert. Regards, Suryadrv Bandari Research Analyst Sent from my iPhone

Nifty near top. Possible trend reversal ahead. Stay alert.!!!

Nifty made top on Election Results day. i.e, 23rd May, 2019. On The Elliott Wave Principle perspective, bounce from 10000 level 12041 consists 5 inner waves. That is 5 th wave of major wave 3. In that case, we likeky to see wave 4 down shall begin any time from here. Upside capped between 12100-12200 few points fluctuation likely due to volatility. First sign of weakness comes once nifty breaks and trade below 11860 spot levels. Regards, Suryadev Bandari Research Analyst Sent from my iPhone

Major Event done. Nifty upside capped between 12000-12100. Trend reversal ???

Market discounted Election Results and continuing its own course now. Upside capped between 12000-12100. Today it tested 12040 and sharply reversed trend from there. Now, its heading towards previous upward gap between 11426-11591. Daily charts showing Shooting star like formation. As long as nifty trades below 12100, its downward journey continues towards 11420.-11400. Be cautious on long positions. Regards, Suryadev Bandari Research Analyst

Nifty upside capped between 11900-12100. Possible Bull trap.

Market reacting to Exit Poll surveys and marked new High in Nifty at 11882 today. On higher levels strong resistance between 11900-12100. India Vix still above 24.50 levels. High volatile sessions possible till 23rd May until final counting results announcement. Only risk appetite traders take short sell positions with strict stoploss levels at higher levels. Risk averse traders better to stay in cash and wait for election results. Nifty and Banknifty likely to move down towards yesterday's gap zone. Overall structure looks like trapping Bulls. Bull trap. Avoid taking new long positions. Use this bounce to exit from existing long positions. Regards, Suryadev Bandari Research Analyst

Nifty held 11100. Cluster of supports between 11130-11060. Sharp Bounce likely from here.

From past 3 days Bulls succeeded in holding important supports. Monthly support existed at 11130 and 200 EMA at 11100 making this range very crucial for bulls. As long as this 11130-11060 holds, sharp rally possible till 11350-11400. Avoid short selling. Keep strict stoploss to Long positions below 11060 spot level. Regards, Suryadev Bandari Research Analyst

Bulls guarded 11100 support and regained 11200 level. Bounce to continue further.

As projected, bulls succeeded in holding crucial support 11100 level and staged come back in 2nd half of the day. Banknifty too bounced sharply in last hour. This bounce to continue further today. Next upside targets would be 11280 then 11360. Keep strict stoploss below 11100. Regards, Suryadev Bandari Research Analyst Sent from my iPhone

Nifty trading near key support levels 11100-11060. Bounce is likeky.

Nifty fell from 11770 levels and currently trading at important support zone 11100-11060. Here 200 Dma and other important supports exists. In technical indicators, bullish divergence signals formed. Hence, anytime short covering rally can begin. Book profits in short selling positions and go long with 11000 as strict stoploss. Regards, Suryadev Bandari Research Analyst. Sent from my iPhone