SURYADEV BANDARI INTRADAY TREND (July 11)
Nifty opened gap up and closed outside of triangle. False breakouts are common in triangle termination points. As alternate count, I have drawn another parallel channel as shown in chart, which having next resistance at around 11000-11050 range. Mere 50-60 points upside from yesterday's high point. One thing is clear that, Bounce from 9951 is clealy counter up move on basis of its characteristics. Hence, Ongoing rally can end abruptly and take reversal at any point of time. Investors and traders do not confuse it as fresh rally. Its counter upmove bounce and at any time top reversal can happen sharply. 1st sign of weakness comes on breaking 10865 zone. On the whole, one more important thing is only few stocks are participating in this bounce and they too technically negative divergence formations. Hence, this boucne not going to sustain for longer time. very short time we can see top reversal. Let's wait and watch.
10865 next key support for nifty.
Key resistance 11000-11050
- SURYADEV BANDARI, RESEARCH ANALYST