SURYADEV BANDARI INTRADAY TREND (September 14)
On Wednusday, most of the indices and stocks moved in counter trend direction. Today that direction again likely to turn into major downward direction. Most of the stocks showing that counter trend direction almost appears to be completed and ready for resume of downward journey.
Usually, this downward journey takes time to complete. Hence, as I said before, utilize these kind of bounces to exit remaining long positions. Not to enter fresh long positions. Market entered into SELL ON RISE mode. Fall in RUPEE and rise of crude oil prices likely to impact negatively for our economy. Nifty likely to face resistance between 11440-11500 zone. On downside, nifty likely to test 11250-11200. Banking sector likely to continue downside. Better to avoid taking longs in Banking stocks for investment purpose.
For Intraday view, 11395-11440 Resistance to watch.
- Suryadev Bandari, Research Analyst