Nifty bounced from 11614 to 12171 appears to be counter trend move.
Second leg of selloff can begin any time from current levels, which can brakedown supports taken before.
On higher side, nifty likely to face resistance between 12170*12220 zone.
On lower side, Bears takes charge below 12056 levels.
Avoid building fresh long positions at this jucture.
wherever possible, book profits in Long positions.
This sharp pull back rally can fade out soon.
No major cues for Bulls in the short term.
Bears likely to take charge once nifty drift below 12056 spot level.
Distribution pattern on going on higher side.
Keep strict stoploss to long positions.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com
