Earning Wave

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

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.

Nifty fell from 12100-11770 and retraced 61% of previous fall. Now impulsive down wave is due from here. Impulsive down waves often steeper corrections. Be alert on holding long positions. Below 11870 free fall in market. Regards, Suryadev Bandari Research Analyst Sent from my iPhone

Nifty tested 12100 yesterday but today due to lack of follow up buying, it facing selling pressure at higher levels and failed to sustain above 12100 level. This is indication of bulls exhaustion. 12000 spot level is crucial support for Bulls to move upwards, In case, nifty breaches 12000 spot level then we may see lower levels of 11950-11900 from current levels. Technical indicators not supporting upward momentum. Hence, Long holders be alert. Book profits wherever possible. Majority of Sectoral indices in selling mood. Regards, Suryadev Bandari Research Analyst