Skip to main content

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

Popular posts from this blog

LIVE ON DOORDARSHAN 8 YADAGIRI "BUSINESS MUCHATLU"

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

Nifty broken down from Ending diagonal pattern. Major trend reversal below 11850 spot.