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Showing posts from September, 2019

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

Technical Indicators Back to Sell mode.

Nifty formed Bearish Engulfing pattern in daily charts and today in bearish continuation pattern.
Banknifty yesterday formed Doji near 200dma and today it formed Evening star formation.
Both indicating that short term bounce has ended yesterday and down move to continue from hereon.
10900 in nifty crucial for bulls.
Keep strict stoploss to long positions.
Regards,
Suryadev Bandari
Research Analyst.

Irregular triangle at the end of last leg. Any time Impulsive down move begins. Beware.

Possible Irregular triangle in finishing stage. Once this triangle completes, then we will see swift impulsive down move in market. Upside capped at 11141-11045 range.
Crucial support to watch today is 11000 spot, once this level breaches, then we will get indication of possible trend reversal.
Keep strict stoploss to long positions as we expecting swift trend reversal anywhere between 11045-11141 zone.
Resistance 11045-11141
Support 11000, 10960.
Regards,
Suryadev Bandari
Research Analyst

Decisive move needed to move forward.

Indecisiveness in Weekly charts. Last week, nifty ended with indecisive Doji pattern in Weekly charts. In Daily charts, nifty traded below key resistance zone 10950-10965-11025. As long as nifty trades below this resistance zone, sell on Rally mode continues. This week's crucial Resistance at 11025-11141. This week's Crucial Supports at 10746-10756. Nifty likely to trade in this range.  The stocks which were helped in Friday's Bounce, went into over bought zone and sell mode in shorter time frame charts, means, they may not move up today and likely to face profit booking.  Lack of Buying can not push index to breakout resistance. We need to watch First hour of trade today opening.  10900 is crucial intraday support, incase nifty trades below this level, bears takes control and selloff emerges again. Bears tries to protect 11000-11025 resistance zone.  Stock specific momentum can be seen today. Regards, Suryadev Bandari Research Analyst www.earningwave.com

Who will succeed? Bulls or Bears this weekend.

Nifty facing stiff resistance at 10950-11000 zone. Bulls failed to continue Wednusday's bounce due to lack of buying interest from buyers. Whole day nifty moved in narrow range and formed bearish candle. Today 10820 level is very crucial to decide trend. Below this level, Bears takes control on market and we can see selling pressure till 10747. Above this Bulls tries to move above 10950 levels. 10747-10950 is range for nifty today. On weekly scale, high probability for nifty move towards 10747 and even lower, as today last day in Week, Bears tries to close below or near weekly lower level. Most of stocks witnessing selling pressure on every bounce.  Still market in 'SELL ON RISE' mode. Utilize every bounce to create short selling trades, keeping stoploss above 11000. Resistance 10950-11000. Crucial level to watch 10820. Support 10747. Regards, Suryadev Bandari Research Analyst www.earningwave.com

Bounce Continues or Bears Strikes Again???

Yesterday Nifty drifted below its Weekly support 10791 in the opening hours, but later of the day it recovered from lows to above support level , closed near 10844.
In daily scale, position of the green candlestick not so strong formation. Huge Call writing was done in strike price of 10900 and 11000. Put writing not so visible much. Options data suggesting that 10900-10940 going to be stiff resistance and nifty likely to trade between 10640-10900 zone.
Traders need to be noted that, 'daily trading range' of the nifty widened and high volatility in market, results in 150-200 points range in intraday.
10820 crucial support for nifty for intraday, below this level, Bears strikes again and takes nifty lower. Keep an eye on this level.
As long as nifty trades below 10950-11000 levels, Every bounce faces selling pressure.
Resistance 10940-11000.
Support 10790.
Regards,
Suryadev Bandari
Research Analyst.

Selloff to Continue further???

As expected nifty Opened gap down below crucial support level 10950 and entire day trading below that. This is indicating lack of buying interest in traders.  Finally nifty closed near crucial weekly support level 10797. On weekly scale, support exists at 10790. Today this level need to be watched. Staying and trading below this 10790 level attracts fresh round of selling pressure. Almost all sectors in selling mode. Markets in Sell on Rise mode.  Until nifty moves above 11000, avoid taking fresh long positions. Global markets too witnessing selling intensity.  Resistance 10950. Crucial support 10791. Next level to watch 10730. Regards, Suryadev Bandari Research Analyst

Another leg of Selloff ahead???

Nifty almost completed Running Flat pattern as part of counter trend move.
Now its vulnerable to correction as part of Impulsive down wave towards previous lows.
Be alert about long positions.
On Friday last leg of flat pattern almost completed and closed below crucial resistance level 11155-11200 zone. As long as nifty trades below this resistance, Trend deemed to be bearish.
Impulsive down moves often furious fall anywhere between 150-200 points dip in a single day.
Keep strict stoploss to long positions.
Friday's GDP DATA showed growth at 6 years low. Conversely, Gold trading at 6 years Highs.
Both data indicating that Equity markets to face rough road ahead.
Resistance 11155-11200.
Crucial support 10900.
Next level to watch. 10640.
Regards,
Suryadev Bandari
Research Analyst

Mahaa Ganaadhi Pathaye Namaha

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