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Nifty near support zone. 10500-10600. Minor pull back rally can begin anytime.

Nifty witnessed huge gap down opening today.
Sudden fall in Crude prices and Global market selloff are major reasons for this.
For the short term point of view, nifty trading near important support zone 10500-10600.
On Upside nifty facing resistance 10800-11000 zone.
Hence, Avoid aggressive short selling.
Markets already oversold and any time technical pull back rally possible from current levels.
Options data suggesting that,  10500 strong support for today. This level may not be break.
Long positions can be initiated for intraday bounce, keep stoploss below 10480-10460 levels.
Banknifty options data suggesting that 26500-26600 strong support zone.

Avoid fresh short selling as long as nifty trades above 10500 spot level.
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

Markets positioned to make new high. Best time to go Long.

Yesterday, after testing 12285-12290 zone, nifty faced selling pressure and dipped to 12211 zone today. Major trend remain in upward. Hence, good time to enter long positions to participate in next leg of rally above 12300. Overall breadth positive. Bullish divergence visible in short t.f. charts.
Buy on Dips markets.
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