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Counter trend upmove still in progress. Upside can test 9350-9560.

There is no change in the Major trend(Downtrend).
In a shorter time frame, counter-trend up move still in progress, not completed.
Counter trend wave pattern has 2 possible formations at the current scenario as marked in the chart.
One is the triangle pattern in which wave e is due to complete. which can take a u-turn from 9350 around.
The second possibility is an a-b-c zig-zag pattern, in which waves a and b completed and wave c is due to finish, in this case, it can move above 9350 and can test even 9560-9600 zone.
Hence, for the short term time frame, watch 9350 levels keenly, if nifty moves above this level, then it can bounce up to 9560-9600 zone.
on the flip side, in case nifty take U-turn from 9350 levels, then we should watch 9020 spot levels to get confirmation of trend reversal to the downside.

On the whole traders and investors need to watch 9350 levels on the higher side and 9020 levels on the lower side to take fresh trade according to market momentum.

Resistance 9350-9560-9600
Supports 9020-9000.

Suryadev Bandari
Research Analyst

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