Downside pattern in Nifty NOT YET completed.

As expected nifty taken U turn from 11150 to 10631.
As per Elliottwave Principle, downside pattern not yet completed. so this bounce is temporary and down side momentum possible today(Monday). Its not a right time to take long positions at current levels. Sharp Pull back rallies quite normal in Bear markets.
Nifty needs to cosolidate between 10600-10900 zone.
Global markets turned into sell on rally mode.
Inversely, Gold prices moving north side.
Fresh long positions not suggestible as long as nifty takes support and moves above key resistances.
Downside supports 10600-10580
Resistance 10900-11000
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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