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Showing posts from January, 2020

Market Awaiting for Budget 2020.

From past few days market trading in a tight range 12170-12020.
Within the gap zone as mentioned in last update.
Directionles sideways momentum. Important to note that on Higher side resistance at 12170 and on lower side gap support at 12033.
It looks like this zone is equilibrium for Bulls and bears.
Bulls have important crucial support placed at 11927-11900 zone. This zone can be demand zone to create long positions. Any selling pressure can lead nifty to this critical support zone.
Bulls need to protect this crucial support zone in order to keep uptrend intact.
In case, Bulls fails to protect this support, can turn intermediate trend into Bearish.
Hence, 11927-11900 can be TREND DECIDING ZONE.

Move above important resistance zone12150-12170 would indicate resume of uptrend.
Hence, its important to watch 12170 on Higher side and 11900 on lower side for trend identification for next month.

Conservative approch is to wait till completion of Budget presentation and wait for market dir…

Bears struggling to crack Bulls support zone.

After testing our projected  resistance 12272-12280. Nifty again came down due to global market sentiment. Today Bulls trying to put fullstop to Bear pressure and opened higher. Protecting important support zone. Here, Bulls have advantage of cushion of support in gap zone -12036-12065 zone. As long as this support zone holds, Bulls have clear advantage.
Bears come under pressure once nifty move past above 12161 spot.
Many of stocks trading near support zones, hence any time Bulls can lift market higher.
Avoid short selling. Momentum slowly inching upwards.
Conservating buying can initiate above 12161 spot.
Above 12161, next higher target would be 12272-12280 zone.
Resistance 12161-12272.
Supports 12065-12036.

Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com


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Regards,  Suryadev Bandari Research Analyst.


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Bulls are in strong position. 12280-12300 likely target.

Bulls in full action today.
As mentioned in last update, after forming Bullish Harami Candle pattern, today bulls are in a position to lift index further higher levels.
First swing high 12230 has taken out successfully by Bulls. Now, short covering rally can be expected as long as index trades above this swing high. Next upside direction would be towards 12280-12300.
Hence, every intraday dips can be bought into by Bulls.
Avoid short selling today.
Technical indicators clearly showing that upside momentum has builtup in market and it likely to continue.
Supports comes in gap area 12130-12045.
Market breadth also indicating strong Bullishness today.

Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com


Lower gap acting as cushion to Bulls. Break to correction...

From past 3 trading days, nifty witnessed severe profit booking from 12430 to 12087. Nearly 343 points fall from highs. As mentioned in previous update, lower gap existed at 12133-12045 acting as support for Bulls. As per today's opening pattern, it clearly visible that bulls applied breaks to correction and stepped in. Formed Bullish Harami pattern as per Candlestick analysis. It is possible that Short covering action lifts market further upward direction. Similar candle pattern clearly visible in Banknifty charts.
                                  Technical indicators like MACD , RSI clearly showing trend changing signals.  As we approaching near to expiry week, short covering rally can begin from current levels. In doing so, nifty has to break out first swing high, which is placed at 12230. Once Bulls succeeds in breakout this 12230 swing high, we can expect this momentum to pick up more upside direction. Many of high beta stocks completed minor corrections from higher levels,…

Trend reversal??? or normal correction.???

NIfty achieved our upside target 12350.
Reversed from 12430 to today's low 12162.
Is uptrend reversed?? or just a normal correction.
As per price pattern and wave pattern, uptrend is still intact.
Its a normal correction only, not a trend reversal.
On lower side, gap exists at 12132-12044 range.
This gap acts as support for Bulls.
Short term indicators badly in oversold zones.
BUDGET rally probably starts from current levels.
Pull back rally can be sharp and swift upside.
Resistance 12280-12300.
Supports 12130-12045.
Regards,
Suryadev Bandari
Research Analyst.
www.earningwave.com

Up move to continue. New Highs to form again.

Nifty recorded new high on Friday 12311.20
After recording new high, nifty faced minor selling pressure and dipped down to 12217 level.
There again Bulls entered fresh longs and index closed nearly 12256 level.
Today, Nifty again likely to record new highs and this up move to continue more towards 12360-12375 levels.
Major High beta stocks ready to move higher levels.
Banknifty did not made new high on Friday, so most probably , banknifty to test previous highs today and may record new high.
Avoid short selling. This is buy on dips market.
Nifty Resistance 12360-12375-12400.
Support 12210-12170.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

New All time Highs possible today.

After initial minor correction, market zooming up. Nifty 10points away from all time high.New all time high possible to record todsy. Avoid short selling. Prepare for new highs. Regards, Suryadev Bandari

Up momentum Begun at around 11900 support and continuing...

Bulls staged back at around support zone 11900 and took nifty upward towards previous highs 12295.
Today's High 12271. Shy of 24 points from previous peak.
As nifty bounce sharply from 11930 to 12270 sharply, we can expect minor retracement today towards 23.6% retracement at12195 zone initially.
or 38.2% retracement at 12150.
Around 12150, crucial support exists, that would be best point to initiate fresh long positions.
As major momentum is up , every dip is a buying opportunity.
On upside, 12300 first resistance then 12360 2nd resistance.
Supports 12190-12150.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

Bulls are back....

Yesterday we witnessed steep fall due to geopolitical news effect. Markets corrected to 66%-78% retracements in indices.
As expected yesterday, today fresh upmove has begun. Bulls successfully opened with huge gap up.
Next upside resistance at 12173. Once bulls succeed to move above this level, huge short covering rally can take nifty much higher. Probably wave3 impulsive wave has begin, we can witness more gaps up moves on upside. Buy on Dips mode.
Technically oversold, avoid short selling.
Technical indicators back to buy mode.
Support 11900-12000
Resistances 12175-12235.
Regards,
Suryadev Bandari