Stay alert. Market loosing bull grip. Prepare for selloff.

Nifty trading below 20dma 22560.

First sign of weakness.

more downside possible ahead.

Reduce long positions.

Next key levels 22060-21800.

Regards,

Suryadev Bandari

Research analyst

Comments

LIVE ON DOORDARSHAN 8 YADAGIRI "BUSINESS MUCHATLU"

High made at 22600 today, What next, Correction???

Today nifty made high at 22600 and facing selling pressure. By looking at selling pressure from day high to 22400 below levels, it appears that, nifty made medium term top today and vulnerable to correction from here. Stay cautious. Bulls need to sustain 22000 support levels, if that breaks down, we can expect more pain in market. Regards, suryadev bandari research analyst

Market likely to take a PAUSE.

After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions. As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700. Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst

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