Nifty almost completed Running Flat pattern as part of counter trend move.
Now its vulnerable to correction as part of Impulsive down wave towards previous lows.
Be alert about long positions.
On Friday last leg of flat pattern almost completed and closed below crucial resistance level 11155-11200 zone. As long as nifty trades below this resistance, Trend deemed to be bearish.
Impulsive down moves often furious fall anywhere between 150-200 points dip in a single day.
Keep strict stoploss to long positions.
Friday's GDP DATA showed growth at 6 years low. Conversely, Gold trading at 6 years Highs.
Both data indicating that Equity markets to face rough road ahead.
Crucial support 10900.
Next level to watch. 10640.
- Suryadev Bandari, Research Analyst