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Showing posts from October, 2019

Counter move retraced 50%. Its time to down trend to resume.

Yesterday, nifty moved in range of 11291-11420 and closed near opening level.
In daily time frame, nifty formed Doji Pattern at 50% retracement level.
Technical Indicators formed Negative Divergence in short term time frame.
Market Breadth also negative.
Immidiate resistance at 11400 and then 11550.
Immidiate support at 11261 there after 11191.
In Elliottwave Perspective, minor degree counter wave almost completed at 50% retracement of previous fall and its ready to unfold IMPULSIVE DOWN WAVE.
Next downward targets 11261-11191.
Avoid taking fresh long positions. Keep strict stoploss to long positions.
Market facing high volatility, trading range widened. risky for average traders.
Today is 11261 is crucial support for Bulls to continue this bounce further.
Once this support breaks down, then Bears take control on Market and drives down to 11191.
Sell on Rise Market.
Suryadev Bandari
Research Analyst

11234 crucial support level to watch. Will it holds or breaks, defines the next trend.

Nifty struggling to stay above 11234 crucial support level. Once this level breaks down, nifty moves down towards next support level at 11140. That is at 200 DMA, Bulls last line of support. Below that level, Bears drive the market down.
Technically, Bearish Harami pattern formed in Daily time frame. In Higher degree, technical indicators in Sell mode, hence, any minor bounce difficult to sustain.
In Elliott Wave Perspective, more possibility for Wave 3 down move to begin or already started today. To get clear cut confirmation, Bears need to break down 11140 support and close below that.
As we entered into results season, stock specific momentum can be seen.
Longholders need to keep stop loss below 11140.
Resistance 11325
Support 11234/11140.
Suryadev Bandari
Research Analyst

Nifty near its 200DMA. Will it hold this support or Breaks down???

NIfty closed slightly below its 200dma(11135) at 1126. We can say that 200dma support has breached. Need to watch today's price action to get more clarity on direction.
Next crucial level to watch today is at 11060, where 61.8% retracement exists.
Bears get more active on breaking this support.
Hence, 11060-11135 range is crucial support zone for Bulls to stage a rebound. Once this support breaks, then panic selling likely to emerge in Market.
Technical Indicators in clearly in Selling Mode. Hence, high probability favoring to breaking down this support zone.
Many individual stocks too breaking supporting trendlines.
Keep strict stoploss to long positions.
Resistance 11235-11250-11300.
Support 11060-10950.
Suryadev Bandari
Research Analyst

Bulls failed to hold 11380 support. Gap Filled and Closed. Selling Pressure to continue..

Bulls failed to hold 11380 support. Gap Filled and Closed.
Nifty filled gap and closed below gap level 11380. Intraday nifty tested 11248 level this is indicating intensity of selling pressure and depth of fear among traders. Nifty likely to test next crucial supports 11264- and 11184 levels from here. As Bulls failed to hold 11380 support on Tuesday, they run for next crucial supports 11264 and 11184 to hold. Never Buck the Trend. Never try to catch the falling knife. Many stocks breaking 52 week lows and moving lower. When market is in selling mode, no need to get panic. Traders need to protect longs with stoploss orders and minimize loss wherever possible. Fresh investors need to wait till this correction over. SIP method best suits to invest in this kind of market. Resistance 11550-11600 Supports 11264-11184. Regards, suryadev bandari Research Analyst