Bulls exhausted. Nifty@16690.

Nifty took support around 15900 zone last week and from there rallied towards 16600-16690 zone.

Bulls exhausted at current levels and Bears can strike any time soon.

Traders must observe that this is not a regular rally, in my view, this is part of bear market rally which has short life span.

In Bear market rallies comes fast and fizzle out faster.

As per Elliottwave perspective, next level of correction coming soon which can break recent support 15700 and head lower.

avoid fresh long positions, its time to book profits wherever possible and stay lite.

invest only 30-40% portfolio and remain in cash.

Macro economic fundamental data can dominate markets for time being which is negative.

regards,

Suryadev Bandari

Research Analyst

Comments

LIVE ON DOORDARSHAN 8 YADAGIRI "BUSINESS MUCHATLU"

#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

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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