Skip to main content

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

Popular posts from this blog

LIVE ON DOORDARSHAN 8 YADAGIRI "BUSINESS MUCHATLU"

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 www.earningwave.com

Triangle formation still in progress. 8900-9200 upward resistance.

Nifty still in a triangle formation and wave e of the triangle is due as per updated pattern. The minimum upside for the short term is 8900-9200. Avoid fresh short selling at this juncture. Pull back rally is due. Supports can be found at 7700-7500. The range is Huge, so risk also high. Private sector Banks also completing triangle like formations in their respective charts. We can see some short term buying in private banks at these lower levels. Trade accordingly. Regards,  Suryadev Bandari Research Analyst