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Cover short positions. Bounce possible from current levels.

Cover short positions. Bounce Possible from current levels.

As mentioned in last forecast, nifty completed minor down wave today at 10840 around.
From here, counter trend move can begin and nifty can bounce from current leve 10900 towards 11200-11300+ levels.
Avoid short selling at current levels as Technical indicators showing Bullish Divergences.
Option data also suggesting that 10800 level acts as support for short term and Bulls can step in to initiate fresh long positions for short term.
Impulsive down wave which was started from 12246 has appeared to be completed today and counter wave in form of Bounce can be start any time from here.
This is good opportunity for traders those who which to initiate long positions for limited upside.
Keep strict stoploss below 10740 zone for long positions.
Every dip can attract buying support from Bulls.
Trade accordingly.

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