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Hanging Man pattern at Resistance, alarm bell for Bulls.???

As mentioned in the last update, 9350 remained a crucial resistance and 9020-9000 as a crucial support zone. As we can see in the chart that, bounce from 8000 to 9315 appears to be in Diagonal pattern, minor waves overlapping each other. This pattern is definitely a counter-trend pattern only.

On Friday, nifty recorded high at 9315 and from there profit booking started and drifted to9092 before bounced back to 9291.

In daily charts, the Hanging Man pattern formed in Nifty. Indication of possible trend reversal. We need to look for confirmation of price action today. Friday's low 9092 if breaks down, then we can get confirmation of trend reversal in short term point of view.

Close below 9092 gives us confirmation of trend reversal.

On the flip side, holding on to 9092-9000 zone means one more attempt to 9350-9435 is possible as the final push to upward.

Trade accordingly,

Resistance 9350-9435.
Supports 9092-9020-9000.

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.
Suryadev Bandari
Research Analyst

Nifty@ New High. More to come.

As expected in last update, Nifty took support around 11900 and rebounded yesterday above 12000 level.
Bulls succeeded to close nifty above 12050 resistance zone.
Today it marked new all time high.
This upmove to continue further with short covering rally and fresh long positions.
12250-12300 next upward levels to watch for.
suryadev bandari
research Analyst

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.

Suryadev Bandari
Research Analyst