As expected, Nifty moved towards upper resistance 8900-9200 zone from 8100 level.

As per the last update, nifty exactly bounced back from lower levels 8100 levels to upper resistance zone 8900-9200 zone.
Triangle formation can complete anywhere between 9100-9350 zone.
After the Triangle pattern, Major trend resumes which is Downtrend.
Hence, Traders and Investors who bought long positions at lower levels around 8100 level, book profits fully at current levels 9070.(CMP at the time of writing this update).
Pharma and Banking stocks witnessed decent pullback rally. Book full profits in them.

Nifty can take U-turn and can resume downtrend anytime from here.

Avoid building fresh long positions.
Bears can strike again at 9100-9350 zone.
trade accordingly.

Regards,

Suryadev Bandari
Research Analyst

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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