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

Comments

#nifty poised to make new all time high soon.

#nifty cmp 22597. #Bulls strongly holding key supports. 22350-440 zone. As long as nifty trades above this zone, its poised to make breakout all time high. Upside resistance trendline around 23110-23250 zone. Regards, Suryadev Bandari Research Analyst #tradingview #investing #stockmarkets #elliottwave #earningwave #suryadev

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Once again market turned bullish.

Nifty heading towards 25000+ levels Banknifty heading towards 54500-55000 levels. Buy on dip mode Key supports for nifty 24200-150 zone. Key supports for Banknifty 51750-500 zone. as long as above levels holds, market moves higher. Regards, Suryadev Bandari Research Analyst

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