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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

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