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Showing posts from August, 2019

Nifty completed a-b-c zig zag pattern. Another leg of downfall begins from here.

Nifty formed zig zag pattern as counter trend move from 10640 to 11141. Another impulsive down move begins from current levels any time. 200DMA at 11155 acted as stiff resistance and as long as nifty trades below that level, trend is down. Nifty trading range has increased so huge volatility possible in market. Keep booking profits in long positions, if any. Avoid fresh long positions. Positional Short sellers can initiate fresh short selling in specific stocks. Nifty Resistance 11155-11225. Nifty crucial level 11045. support at 10900. Regards, Suryadev Bandari Research Analyst.  

Downside pattern in Nifty NOT YET completed.

As expected nifty taken U turn from 11150 to 10631. As per Elliottwave Principle, downside pattern not yet completed. so this bounce is temporary and down side momentum possible today(Monday). Its not a right time to take long positions at current levels. Sharp Pull back rallies quite normal in Bear markets. Nifty needs to cosolidate between 10600-10900 zone. Global markets turned into sell on rally mode. Inversely, Gold prices moving north side. Fresh long positions not suggestible as long as nifty takes support and moves above key resistances. Downside supports 10600-10580 Resistance 10900-11000 Regards, Suryadev Bandari Research Analyst  

Counter trend move turned into triangle pattern. Major down trend to resume from here.

Triangle formation in progress as part of counter trend move from 10800 to 11140 zone. Its in last leg of triangle pattern. Today or tomorrow major down trend to resume towards 10800 level from current levels. 11200 strong resistance for Nifty. 11000 psychological support. 10900 Technical support. Avoid taking fresh long positions. As far as possible reduce long exposure as any time from here down trend resumes. Sell on Rise market. Regards, Suryadev Bandari Research Analyst

Counter bounce move to finish soon and Selloff resumes.

Nifty bounce from 10800-11170 range has a-b-c counter trend characteristics. This counter trend move in finishing stage. Any time Selloff in market resumes from current levels. 10800 likely to break this time. Keep booking profits in long positions, if any. Positional traders can initiate fresh short positions in Nifty for lower targets 10800. Resistance 11200. support 11000-10900. Regards, Suryadev Bandari Research Analyst.

Nifty likely to break 10775 crucial support level. Avoid long positions.

Nifty everyday making new lows and breaking daily, weekly and monthly support levels one by one. Now crucial level to watch is at 10775 spot level. This support is vulnerable now, likely to break this support soon.  as far as possible avoid taking long positions. Intraday bounces not going to sustain. Every bounce witnessing short selling and selling pressure. Regards, Suryadev Bandari Research Analyst