Skip to main content

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.
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

Triangle formation still in progress. 8900-9200 upward resistance.

Nifty still in a triangle formation and wave e of the triangle is due as per updated pattern. The minimum upside for the short term is 8900-9200. Avoid fresh short selling at this juncture. Pull back rally is due. Supports can be found at 7700-7500. The range is Huge, so risk also high. Private sector Banks also completing triangle like formations in their respective charts. We can see some short term buying in private banks at these lower levels. Trade accordingly. Regards,  Suryadev Bandari Research Analyst