Wedge pattern at the finishing stage.

Nifty moved in narrow range in Wedge pattern since last update. Stretched little higher above 11400-11450. Yesterday it attempted to break 11400 supporting trendline but closed higher.
Today 11420 crucial for Bulls to continue this bounce more. Once this 11420 levels breaks and trades below that at least 15minutes, then fresh short selling and long unwinding likely to emerge.
Today Banknifty weekly options settlement, so major price action happens in last hour of trading.
Technical charts in Negative Divergence mode. Hence, eveery bounce is a sell opportunity.

Once this wedge pattern breaks down decisively, nifty likely to break last 3days lows in a single day.
Be prepared for that move.

Resistance trendline 11500-11550.
Supporting trendline at 11425-11320-11265,

As far as possible, book profits in long positions, if any.
Regards,
Suryadev Bandari
Research Analyst

Comments

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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.

Earning Wave

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