Skip to main content

Crucial supports held. Means, decent pull back rally t0 9350-9430????

Nifty faced resistance at 9300 levels as mentioned in the last update but bulls succeeded to hold crucial supporting trendline at 8900 levels around.
By looking at the latest data, nifty can climb again to 9350 levels from current levels, provided 8900 support holds.
Hence, avoid fresh short selling as Counter trend wave still in progress.
Unless nifty breaks down 8800-8900 supporting trend line, short term trend remains UP.
Pharma stocks and the Metal stock looks attractive at current levels. Selective stocks can be taken long positions for short term trading purposes.

Resistance 9200-9350.
Support 8900-8850-8800.

Suryadev Bandari
Research Analyst

Popular posts from this blog


Exhaustion gap formed. Bulls strength eroded???.

Nifty bounced back strongly on back of Major news announcement of Cut in Corporate Tax on Friday. Today nifty retraced 61.8% of entire fall. As of Now, wave 2 in finishing stages.  More possibility for Wave 3 down to begin any time soon. Hence, Be cautious. Its time to reduce long positions. Profit booking time. From current levels, nifty likely to retest 11000 levels anytime. Short term top made. New highs may not be possible from here. Keep booking profits in long positions. Wave 3 Impulsive Down move can begin any time. Regards, Suryadev Bandari Research Analyst

Nifty broken down from Ending diagonal pattern. Major trend reversal below 11850 spot.