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Bears still driving the market.

Bounce from yesterday's low to today's high 12118 is part of counter trend move.
Its visible that Bears still driving the market. Every bounce witnessing selling pressure.
Its little alternate wave number as today's bounce as wave iv minor bounce or Wave 2 of higher degree, but its surely counter trend move and Impulsive down move to resume from current levels.
Resistance placed above 12150 spot level.
Yesterday's low 11908 likely to get retest in coming sessions.
SELL on Rise Market.
In Bear phase, sharp pullbacks like today's bounce quite natural but they fail to sustain at higher levels. Close above  12150 spot, would open other alternatives views.
As long as nifty trades below 12150 spot, trend remains downwards.
Regards,
Suryadev Bandari
Research Analyst

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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