Market at crucial Juncture. 11945-11981 is Trend Deciding level.

Nifty updated Wave Count indicating that nifty is at important juncture.
At present, nifty in process of completing larger degree wave 3.
11945-11981 crucial resistance level to watch this week.
There is two possible scenarios here.
i) 11945-11981 acts as stiff resistance and prices moves down to break 11700, which is very crucial supporting trendline for Bulls, below which Bears get strength.
ii) if bulls got enough steam, prices moves above 11945-11981 resistance zone, above which next upside target level is 12300.

On Technical indicators point of View, Monthly charts in Negative Divergence and in Sell Mode, Weekly charts too in negative divergence and at crucial trend deciding zone.
Daily and Hourly time frame indicating overbought zone.
Hence, Watch 11945-11981 resistance levels On Monday and trade accordingly.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

Comments

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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