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Counter move retraced 50%. Its time to down trend to resume.

Yesterday, nifty moved in range of 11291-11420 and closed near opening level.
In daily time frame, nifty formed Doji Pattern at 50% retracement level.
Technical Indicators formed Negative Divergence in short term time frame.
Market Breadth also negative.
Immidiate resistance at 11400 and then 11550.
Immidiate support at 11261 there after 11191.
In Elliottwave Perspective, minor degree counter wave almost completed at 50% retracement of previous fall and its ready to unfold IMPULSIVE DOWN WAVE.
Next downward targets 11261-11191.
Avoid taking fresh long positions. Keep strict stoploss to long positions.
Market facing high volatility, trading range widened. risky for average traders.
Today is 11261 is crucial support for Bulls to continue this bounce further.
Once this support breaks down, then Bears take control on Market and drives down to 11191.
Sell on Rise Market.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

Recent posts

11234 crucial support level to watch. Will it holds or breaks, defines the next trend.

Nifty struggling to stay above 11234 crucial support level. Once this level breaks down, nifty moves down towards next support level at 11140. That is at 200 DMA, Bulls last line of support. Below that level, Bears drive the market down.
Technically, Bearish Harami pattern formed in Daily time frame. In Higher degree, technical indicators in Sell mode, hence, any minor bounce difficult to sustain.
In Elliott Wave Perspective, more possibility for Wave 3 down move to begin or already started today. To get clear cut confirmation, Bears need to break down 11140 support and close below that.
As we entered into results season, stock specific momentum can be seen.
Longholders need to keep stop loss below 11140.
Resistance 11325
Support 11234/11140.
 Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

Nifty near its 200DMA. Will it hold this support or Breaks down???

NIfty closed slightly below its 200dma(11135) at 1126. We can say that 200dma support has breached. Need to watch today's price action to get more clarity on direction.
Next crucial level to watch today is at 11060, where 61.8% retracement exists.
Bears get more active on breaking this support.
Hence, 11060-11135 range is crucial support zone for Bulls to stage a rebound. Once this support breaks, then panic selling likely to emerge in Market.
Technical Indicators in clearly in Selling Mode. Hence, high probability favoring to breaking down this support zone.
Many individual stocks too breaking supporting trendlines.
Keep strict stoploss to long positions.
Resistance 11235-11250-11300.
Support 11060-10950.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

Bulls failed to hold 11380 support. Gap Filled and Closed. Selling Pressure to continue..

Bulls failed to hold 11380 support. Gap Filled and Closed.
Nifty filled gap and closed below gap level 11380. Intraday nifty tested 11248 level this is indicating intensity of selling pressure and depth of fear among traders. Nifty likely to test next crucial supports 11264- and 11184 levels from here. As Bulls failed to hold 11380 support on Tuesday, they run for next crucial supports 11264 and 11184 to hold. Never Buck the Trend. Never try to catch the falling knife. Many stocks breaking 52 week lows and moving lower. When market is in selling mode, no need to get panic. Traders need to protect longs with stoploss orders and minimize loss wherever possible. Fresh investors need to wait till this correction over. SIP method best suits to invest in this kind of market. Resistance 11550-11600 Supports 11264-11184. Regards, suryadev bandari Research Analyst www.earningwave.com

Bearish Harami Pattern at Higher levels limiting upside.

Last week Nifty formed exhaustion gap and after that formed Bearish Harami pattern and failed to cross 11700 resistance. In weekly charts, nifty formed High Wave Candle pattern, indicating that Bulls and Bears strength equalised at current levels last week. Now this week we need to watch 11416 level on lower side and 11696 on Higher side for further directional movement. Whichever side nifty breaks, one side momentum comes in that direction.
Technical indicators in Sell Mode, so  higher probabilities are favoring downside momentum to resume. Hence, market in sell on Rise mode.
Resistance 11700,
Support 11416.
Close below 11380 would trigger fresh selling pressure in Market.
Bulls need to protect 11380 crucial support to take nifty higher.
Bears need to protect 11700 resistance to stop upside momentum.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

Exhaustion gap formed. Bulls strength eroded???.

Nifty bounced back strongly on back of Major news announcement of Cut in Corporate Tax on Friday. Today nifty retraced 61.8% of entire fall.
As of Now, wave 2 in finishing stages.
 More possibility for Wave 3 down to begin any time soon.
Hence, Be cautious. Its time to reduce long positions. Profit booking time.
From current levels, nifty likely to retest 11000 levels anytime. Short term top made.
New highs may not be possible from here. Keep booking profits in long positions.
Wave 3 Impulsive Down move can begin any time.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com


Market in Bear control

NIfty moved exactly as forecast in last update.
Yesterday Bulls failed to hold 10850 support level and nifty closed well below that level.
Today, In opening also Bulls failed to hold opening gap up.
Most preffered wave count suggesting that IRREGULAR TRIANGLE completed and Impulsive down move has started. Next downside level to watch is 10750.
Market in Sell on Rise Mode.
10875 first resistance and 10975 strong resistance.
Minor support 10750.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com