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Nifty counter trend wave almost finished yesterday around 11600. Down trend to resume today.

Nifty completed one leg of down fall at around 11462 and from there bounced to 11600 yesterday. Bounce from 11462 to 11600  have a-b-c counter trend move and it has been finished or finish around 11635 -11640 zone. Impulsive down fall should begin from today towards gap level at 11425-11400. Hence, Avoid taking fresh long positions and traders can initiate positional short selling positions in selective stocks for Monday. Market in sell on Rally mode. Declining stocks are more than Advancing stocks. Traders showed interest in exiting long positions in every bounce yesterday. Resistance 11635-11640. Support 11475-11425-11400. Regards, Suryadev Bandari Research Analyst
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Be cautious ahead of BUDGET. THIS IS SUPPLY ZONE.

Market cautious at current levels as tomorrow major event of UNION BUDGET. Usually India VIX surges higher before Budget but this time IndiaVIX subdued because of no major expectation on this Budget. Stay cautious. Avoid taking more risk. Avoid taking positions until Budget event. Technically this is huge supply zone, means Bears are active at current zone. Any time market can take U turn. Series of Negative Divergences in technical charts indicating that this bounce is not sustainable for longer time. This is counter trend move and temporary. Regards, Suryadev Bandari Research Analyst
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NIfty struggling to move up. Trend favoring Bears.

From past week, nifty moving in range bound between 11800-11625. Breakout from this range in necessary to move forward.  Technically, Series of Negative Divergences and Selling mode in Monthly, Weekly and Daily charts indicating that nifty upside is limited and downside movement is imminent from current levels. Conversely, Gold breaking out key resistances and making higher levels each day.  Bears get strength below 11670 and next downward target for nifty would be 11600-11595 zone. Every bounce is a short selling opportunity at current levels. Regards, Suryadev Bandari Research Analyst
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Nifty closed below 11850, Free fall in Market ahead???

Nifty as expected closed below crucial support level 11850 and closed for the week at 11823. Bulls lost crucial support level. Next important support for bulls is at 11660-11615 zone. Hence, nifty likely to move towards that support zone. On Friday, all sectors ended in Red. Slowly, INDIAVIX also rising again. Most of the High beta stocks broken key supports, indicating further selling pressure ahead in stock specific. Most probably market likely to move down toward gap level which was formed on 23rd May. Keep strict stoploss to long positions. As far as possible, keep booking profits at least partially. Current scenario supporting Bears only. Every minor bounce attracts profit booking. Resistance- 12000. Support 11660-11700. Regards, Suryadev Bandari Research Analyst.
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