Skip to main content

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

Comments

Popular posts from this blog

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

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 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