Bounce from yesterday's low to today's high 12118 is part of counter trend move.
Its visible that Bears still driving the market. Every bounce witnessing selling pressure.
Its little alternate wave number as today's bounce as wave iv minor bounce or Wave 2 of higher degree, but its surely counter trend move and Impulsive down move to resume from current levels.
Resistance placed above 12150 spot level.
Yesterday's low 11908 likely to get retest in coming sessions.
SELL on Rise Market.
In Bear phase, sharp pullbacks like today's bounce quite natural but they fail to sustain at higher levels. Close above 12150 spot, would open other alternatives views.
As long as nifty trades below 12150 spot, trend remains downwards.
Regards,
Suryadev Bandari
Research Analyst
Its visible that Bears still driving the market. Every bounce witnessing selling pressure.
Its little alternate wave number as today's bounce as wave iv minor bounce or Wave 2 of higher degree, but its surely counter trend move and Impulsive down move to resume from current levels.
Resistance placed above 12150 spot level.
Yesterday's low 11908 likely to get retest in coming sessions.
SELL on Rise Market.
In Bear phase, sharp pullbacks like today's bounce quite natural but they fail to sustain at higher levels. Close above 12150 spot, would open other alternatives views.
As long as nifty trades below 12150 spot, trend remains downwards.
Regards,
Suryadev Bandari
Research Analyst