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.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

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LIVE ON DOORDARSHAN 8 YADAGIRI "BUSINESS MUCHATLU"

Market likely to take a PAUSE.

After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions. As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700. Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst

Banknifty trend Up.

Banknifty almost completed Sideways correction today around 44550 and turned up. Now it appears to be resume upward Journey tpwards 45700+. Regards, Suryadev Bandari Research Analyst.

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