Bears won the battle and driving market lower. More to see lower targets.

As mentioned in last update, Bears successfully won the battle and closed nifty below important support zone on Thursday. Thursday itself I mentioned that wait and watch tug of war and follow the winner. Bears won that battle, and today we all seeing its effect by opening huge gap down and trading at lower level since opening.
Bears driving market, Bulls last hope is at 11908-11891 support zone. As per Elliottwave Perspective, that support zone is vulnerable to breakdown. Hence, Every bounce witnesses selling pressure from hereon. High beta stocks lossing ground. Eventually they can lead nifty downward.
Avoid building new long positions.
Resistance Placed at 12135-12150 zone.
Support to watch 11908-11891.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

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

Banknifty trend Up.

Banknifty almost completed Sideways correction today around 44550 and turned up. Now it appears to be resume upward Journey tpwards 45700+. Regards, Suryadev Bandari Research Analyst.

Earning Wave

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