Earning Wave

Nifty bounced from 11614 to 12171 appears to be counter trend move.
Second leg of selloff can begin any time from current levels, which can brakedown supports taken before.
On higher side, nifty likely to face resistance between 12170*12220 zone.
On lower side, Bears takes charge below 12056 levels.
Avoid building fresh long positions at this jucture.
wherever possible, book profits in Long positions.
This sharp pull back rally can fade out soon.
No major cues for Bulls in the short term.
Bears likely to take charge once nifty drift below 12056 spot level.
Distribution pattern on going on higher side.
Keep strict stoploss to long positions.

Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

From past few days market trading in a tight range 12170-12020.
Within the gap zone as mentioned in last update.
Directionles sideways momentum. Important to note that on Higher side resistance at 12170 and on lower side gap support at 12033.
It looks like this zone is equilibrium for Bulls and bears.
Bulls have important crucial support placed at 11927-11900 zone. This zone can be demand zone to create long positions. Any selling pressure can lead nifty to this critical support zone.
Bulls need to protect this crucial support zone in order to keep uptrend intact.
In case, Bulls fails to protect this support, can turn intermediate trend into Bearish.
Hence, 11927-11900 can be TREND DECIDING ZONE.

Move above important resistance zone12150-12170 would indicate resume of uptrend.
Hence, its important to watch 12170 on Higher side and 11900 on lower side for trend identification for next month.

Conservative approch is to wait till completion of Budget presentation and wait for market dir…

After testing our projected  resistance 12272-12280. Nifty again came down due to global market sentiment. Today Bulls trying to put fullstop to Bear pressure and opened higher. Protecting important support zone. Here, Bulls have advantage of cushion of support in gap zone -12036-12065 zone. As long as this support zone holds, Bulls have clear advantage.
Bears come under pressure once nifty move past above 12161 spot.
Many of stocks trading near support zones, hence any time Bulls can lift market higher.
Avoid short selling. Momentum slowly inching upwards.
Conservating buying can initiate above 12161 spot.
Above 12161, next higher target would be 12272-12280 zone.
Resistance 12161-12272.
Supports 12065-12036.

Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

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Bulls in full action today.
As mentioned in last update, after forming Bullish Harami Candle pattern, today bulls are in a position to lift index further higher levels.
First swing high 12230 has taken out successfully by Bulls. Now, short covering rally can be expected as long as index trades above this swing high. Next upside direction would be towards 12280-12300.
Hence, every intraday dips can be bought into by Bulls.
Avoid short selling today.
Technical indicators clearly showing that upside momentum has builtup in market and it likely to continue.
Supports comes in gap area 12130-12045.
Market breadth also indicating strong Bullishness today.

Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com