SURYADEV BANDARI INTRADAY TREND (May 16)
SUSPENCE REVEALED BUT TWISTS STILL GOING ON. KARNATAKA ELECTION RESULTS impacted market sentiment to take U turn from higher levels. Thats general purview on Market. Now comes to Technical perspective: GRAVE STONE DOJI at 78.6% retracement level(resistance level) showing that bears put fullstop to Bull's run. Yesterday nifty and Banknifty both tested peaks from where previous fall has begun. 10950 and 27020 are crucial resistance at current levels. Both marked 78.6% retracement level. Market lost initial gains and went into negative zone in closing. This is clealy indicating that lack of follow up buying. Smart money interested in profit booking at higher levels. From hereon, 10760 and 10560 plays key supports which need to break down to going down. Hence, its wise to book profits in Long positions at current levels as risk of retesting of recent lows is huge. Nifty , Banknifty and other major sectoral indices all together formed negative formations in daily charts. All round selling pressure can expect from current levels. Moreover, nifty has risen nearly 1000 points from recent lows 9950. Profit booking is natural phenomena. Once 10760 breaks down, next key level is 10560 where we get confiRmation of major trend reversal. Below 26250 we get trend reversal signal in Banknifty. Sell on Rise market. Avoid fresh Investments.
- SURYADEV BANDARI, RESEARCH ANALYST