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Showing posts from May, 2019

Nifty reversing from previous high level. Possibly major trend reversal has begun.

Nifty tested 12038 today in opening but due to lack of follow up buying it fell nearly 100 points from day high. One close below 11840 would confirm major trend reversal.
Be cautious on holding long positions.
In Elliott Wave principle point of view, major correction can begin any time. Stay alert.
Regards,
Suryadrv Bandari
Research Analyst

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Nifty near top. Possible trend reversal ahead. Stay alert.!!!

Nifty made top on Election Results day. i.e, 23rd May, 2019.
On The Elliott Wave Principle perspective, bounce from 10000 level 12041 consists 5 inner waves. That is 5 th wave of major wave 3. In that case, we likeky to see wave 4 down shall begin any time from here. Upside capped between 12100-12200 few points fluctuation likely due to volatility.
First sign of weakness comes once nifty breaks and trade below 11860 spot levels.
Regards,
Suryadev Bandari
Research Analyst


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Major Event done. Nifty upside capped between 12000-12100. Trend reversal ???

Market discounted Election Results and continuing its own course now. Upside capped between 12000-12100. Today it tested 12040 and sharply reversed trend from there. Now, its heading towards previous upward gap between 11426-11591. Daily charts showing Shooting star like formation. As long as nifty trades below 12100, its downward journey continues towards 11420.-11400. Be cautious on long positions. Regards, Suryadev Bandari Research Analyst

Nifty upside capped between 11900-12100. Possible Bull trap.

Market reacting to Exit Poll surveys and marked new High in Nifty at 11882 today.
On higher levels strong resistance between 11900-12100. India Vix still above 24.50 levels.
High volatile sessions possible till 23rd May until final counting results announcement.
Only risk appetite traders take short sell positions with strict stoploss levels at higher levels.
Risk averse traders better to stay in cash and wait for election results.
Nifty and Banknifty likely to move down towards yesterday's gap zone.
Overall structure looks like trapping Bulls. Bull trap. Avoid taking new long positions.
Use this bounce to exit from existing long positions.
Regards,
Suryadev Bandari
Research Analyst

Nifty held 11100. Cluster of supports between 11130-11060. Sharp Bounce likely from here.

From past 3 days Bulls succeeded in holding important supports. Monthly support existed at 11130 and 200 EMA at 11100 making this range very crucial for bulls. As long as this 11130-11060 holds, sharp rally possible till 11350-11400. Avoid short selling. Keep strict stoploss to Long positions below 11060 spot level. Regards, Suryadev Bandari Research Analyst

Bulls guarded 11100 support and regained 11200 level. Bounce to continue further.

As projected, bulls succeeded in holding crucial support 11100 level and staged come back in 2nd half of the day.
Banknifty too bounced sharply in last hour. This bounce to continue further today. Next upside targets would be 11280 then 11360.
Keep strict stoploss below 11100.
Regards,
Suryadev Bandari
Research Analyst


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Nifty trading near key support levels 11100-11060. Bounce is likeky.

Nifty fell from 11770 levels and currently trading at important support zone 11100-11060. Here 200 Dma and other important supports exists. In technical indicators, bullish divergence signals formed. Hence, anytime short covering rally can begin. Book profits in short selling positions and go long with 11000 as strict stoploss.
Regards,
Suryadev Bandari
Research Analyst.


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Nifty trading above crucial support 11280. Minor bounce possible towards 11470-11500 zone.

Nifty holding crucial support at 11280 and trading above it. As shorter time frame indicators in over sold position. As long as nifty holds 11280-11260 support level, minor bounce possible towards 11470-11500 resistance zone from hereon.
Sell on Rise Mode. At present, its better to book profit in short positions.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com


Nifty achieved 11500 target and tested 11400 spot level too. Now its possible to retest 11500 resistance from here.

Nifty achieved 11500 target and even tested 11400 spot level today. Now its possible to retest 11500 resistance one time before heading lower level. Hence, book profits in short positions once at current levels 11400 and wait for minor bounce towards 11500-11510 zone.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

Nifty range shifted down. Bulls and Bears fighting for 11550 level.

Nifty breached 11680 supporting trendline and trading below it. Now Bulls crucial support is at 11550 spot level. Bulls failed to hold opening higher levels and fall back below 11600 level. Now 11550 spot level plays trend deciding level for next direction. Once this support breaks down, today or tomorrow, bears likely to steer the market.
Regards,
Suryadev Bandari
Research Analyst

Nifty broken 11680 support. Range shifted down to 11550-11635.

Nifty finally broken triangle pattern on downside last Friday. Today opened gap down and broken 11600 spot too. Presently hovering above it. Final crucial support for Bulls is at 11550 spot level. Once this crucial support breaks down, we can witness freefall in market. Keep strict stoploss to long positions. Avoid building fresh long positions.
Regards
Suryadev Bandari
Research Analyst

As long as nifty stays below 11800, downside momentum likely towards 11680-11591.

As expected, nifty moved in tight zone entire day and in 2nd half, it breached supporting trendline at 11708. Closed on the fencing line. Today also watch 11680 spot level carefully, breaching and staying below this support means, nifty heading down towards 11624-11591 zone.  11800 remains as strong resistance levels. Technical indicators still on sell side momentum. As per the daily and Weekly time frame, nifty range would be 11800-11564. Yesterday, we tested 11795, hence, more chances to test lower range today. Keep strict stoploss orders to long positions.  IT, AUTO, PHARMA and Banking sectors likely to under perform today also. Avoid taking long positions these sectors. Positional traders can initiate fresh short selling after nifty breaking and staying below 11680 spot level for target of 11571-11545 spot targets. Resistance 11800, Supports 11680-11591-11545 Regards, Suryadev Bandari Research Analyst.

Nifty update for 02-05-2019. Tug-of- war between Bulls and Bears for 11680-11780 range.

Nifty trading in tight range between 11680-11780 range. From past 21 trading days, Bulls defending 11545-11620 range, and Bears protecting 11800 level, who ever wins this tight range, will lead the market for next 20 days. Below 11680 weakness sets in and can drift towards 11570-11540 zone. On the higher side, if it stays above 11780, then it can bounce till 11840. Broader range for nifty is 11540 on downside and 11780 on upside. Bulls need to watch 11680 spot level as support. Bears need to watch 11840 as resistance, as long as nifty stays below 11840, trend is negative.
In Higher timeframe, MACD and RSI trending downward, means in selling mode. Hence, every bounce faces selling pressure. That's why we can say it as "SELL ON RISE" MARKET. Regards, Suryadev Bandari Research Analyst