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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 direction.
Close below 11900 is bearish, Close above 12170 is Bullish.
Wait for breakout of this range to initiate fresh trading position.

Regards,
Suryadev Bandari
Research analyst
www.earningwave.com



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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

Down trend to resume again. Do not fall in Bull Trap.

Nifty achieved our previous downside target zone 7700-7500.
From there it bounced back to 8700+ today.
As per the updated data, this bounce is in corrective pattern only.
Its a Bull trap. Bulls should avoid falling in this trap. This bounce is short term only.
Down trend to resume again and it can break 7500 levels too.

Stay Cautious.

Investors need to wait for some time.
If possible, short sellers can initiate fresh shorts in Index with stoploss above 9100 lvels.
This is for High risk traders only. Nifty daily range become huge so both risk and rewards also huge.
Trade Accordingly.

Today is March Series FnO expiry, so we can see huge volatility in Market.
Market taking short breath only. Bears strikes again.

Avoid fresh long positions.
Its a sell on rally market, But due to restrictions on short selling, not everybody can short sell in this market. Conditions apply.

Resistance 9000-9100.
Downside levels 7700-7500.

Regards,
Suryadev Bandari
Research Analyst


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