SURYADEV BANDARI INTRADAY TREND (Dec 27)
Yesterday Nifty has tested 10534 and from there counter trend move has begun and bounced to 10746. This counter move likely to finish around 10780 and from there again major trend down likely to resume again. As today fno settlement, we may see volatile market. Major trend still in downward. Yesterday's counter move is not going to sustain longer time. Sell on Rise market. Utilize this bounce to exit long positions. Avoid building fresh investment at current levels. Banknifty also likely to witness selling pressure at opening high levels. Be cautious. We can say this as Dead-cat Bounce.
10850-10900 Resistance zone.
10535-10510 support zone.
- Suryadev Bandari, Research Analyst