Skip to main content

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.

Suryadev Bandari
Research Analyst

Popular posts from this blog


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

Bearish Harami Pattern at Higher levels limiting upside.

Last week Nifty formed exhaustion gap and after that formed Bearish Harami pattern and failed to cross 11700 resistance. In weekly charts, nifty formed High Wave Candle pattern, indicating that Bulls and Bears strength equalised at current levels last week. Now this week we need to watch 11416 level on lower side and 11696 on Higher side for further directional movement. Whichever side nifty breaks, one side momentum comes in that direction. Technical indicators in Sell Mode, so  higher probabilities are favoring downside momentum to resume. Hence, market in sell on Rise mode. Resistance 11700, Support 11416. Close below 11380 would trigger fresh selling pressure in Market. Bulls need to protect 11380 crucial support to take nifty higher. Bears need to protect 11700 resistance to stop upside momentum. Regards, Suryadev Bandari Research Analyst