Skip to main content

Market awaiting for Moorat Trading.

Market reached resistance level and reversal halted due to Moorat Trading.

Till then sideways momentum to continue.
Distribution pattern happening at higher levels.
Traders avoid taking new long positions.

11555 first level to watch on downward and then 11480 very crucial trend deciding level.

Resistance 11700-11750 zone.

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

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

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