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Showing posts from July, 2019

Nifty broken 11100 support as expected. Whats next level????

Nifty broken down crucial 11100 support level. Now today hovering around 11000 Psychological level. Will Bulls able to hold this psychological support?? Or Bears able to break down this support too??. As per Elliottwave Principle pattern, this 11000 psychological support is going to be broken down soon. Next key level to watch in downside is 10xxx.(level available to paid subscribers only).
Most of the sectors witnessing selling pressure and India VIX too inching up. Regards, Suryadev Bandari Research Analyst

Nifty trading below 200 DMA. Selling pressure to continue further.

Nifty first broken down 11300 and then 200 dma at 11268. Now today its trading below 11200 spot level. All these factors indicating that at macro level economy growth is slowing down and may take some quarters time to revival.
Next crucial supports for bulls are at 11175 and 11100.
Banking related stocks likely to face more selling pressure from current levels. As far as possible, reduce long exposure. Traders can initiate fresh short sell positions on bounces.
Regards,
Suryadev Bandari
Research Analyst


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Nifty closed below 11426 support level, Down momentum to continue further towards..xxxx.

As per forecast in last update, nifty closed upward gap between 11426-11591 range. Friday filled gap and closed below it. Now major trend has turned down and likely to continue further towards 11300. Below 11300, next downward target is xxxxx. (available to paid subscribers). Regards, Suryadev Bandari Research Analyst.

Nifty trading near upper range of resistance 11700-11707. Will it reverse trend from here???

Nifty trading near its upper range of resistance near 11700-11707. Technically, nifty still in counter trend wave last leg. Hence, it can take U turn from current levels any time today. We get confirmation of trend reversal once nifty breaks and trades below11650 spot level. Next downside targets and supports are at 11610-11575.
Keep strict stoploss orders to long positions. As in general major trend reversal begins with 100-150 points sharp fall in a day. stay alert. Resistance 11700-11707-11737. Support 11610-11575-11535. Regards, Suryadev Bandari Research Analyst

As expected nifty reversed from 11635-11640 zone. Trend Reversed???

As expected in last update on Friday, nifty exactly tested 11635-11640 zone and reversed from there. From day's High 11639, it fell more than  100 points to 11522, its indicating that Nifty has resumed its down trend on Friday itself.
Now next downward key levels to watch are 11475-11425.
Every minor bounces faces selling pressure from hereon.
Market in SELL ON RALLY mode.
Avoid taking long positions especially in futures segment.
Global markets also ready to reverse downwards.

Resistance 11640-11700 zone.
Support 11425-11400.

Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

Nifty counter trend wave almost finished yesterday around 11600. Down trend to resume today.

Nifty completed one leg of down fall at around 11462 and from there bounced to 11600 yesterday. Bounce from 11462 to 11600  have a-b-c counter trend move and it has been finished or finish around 11635 -11640 zone. Impulsive down fall should begin from today towards gap level at 11425-11400. Hence, Avoid taking fresh long positions and traders can initiate positional short selling positions in selective stocks for Monday. Market in sell on Rally mode.
Declining stocks are more than Advancing stocks. Traders showed interest in exiting long positions in every bounce yesterday.
Resistance 11635-11640.
Support 11475-11425-11400.
Regards,
Suryadev Bandari
Research Analyst

Be cautious ahead of BUDGET. THIS IS SUPPLY ZONE.

Market cautious at current levels as tomorrow major event of UNION BUDGET.
Usually India VIX surges higher before Budget but this time IndiaVIX subdued because of no major expectation on this Budget. Stay cautious. Avoid taking more risk. Avoid taking positions until Budget event.
Technically this is huge supply zone, means Bears are active at current zone. Any time market can take U turn. Series of Negative Divergences in technical charts indicating that this bounce is not sustainable for longer time. This is counter trend move and temporary.
Regards,
Suryadev Bandari
Research Analyst