Skip to main content

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

Popular posts from this blog

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