SURYADEV BANDARI INTRADAY TREND (August 10)
As per the updated data, I have re-labelled nifty bounce from 10550 to 11500 journey as last leg of wave 5 at larger degree. As per inner wave readings, some are over lapping. Hence, we may have completed 5 inner waves or one last minor wave due to 10502-11555. we need to see in today's action. Incase, all 5 inner waves completed, then today we likely to see deeper correction till 10360-11292. In other case, we may see last minor bounce towards somewhere between 11502-10555. Hence, we need to watch where nifty likely to open today.
Gap down opening indicates that nifty completed all necessary inner waves completed and nifty heading towards major correction.
Flat or minor gap opening indicates that still one minor bounce due in market.
In Both situations, one thing is crystal clear that, we are near to top and any time we may witness deeper correction. Hence, Be prepared for deeper correction which can begin today or Monday. Avoid taking fresh long positions. Book profits in longs wherever possible. Traders can initiate fresh short sell only after breaking 11360 spot level.
Intraday supports 11357-11292
Intraday Resistance 11502-11555.
- SURYADEV BANDARI, RESEARCH ANALYST