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Staying Below 9400 Bearish for Nifty. Stay Alert.

Major trend reversal possible below 9400. 

Bounce from 7500 to 9385 appears to be corrective in nature and Possible Triangle pattern as mentioned in Previous updates.
Today it looks like that Wave e of Triangle pattern about to finish or finished already at 9375( day high).
Here, we have two possibilities for nifty outlook.

i). Failure to cross above 9400 resistance level implies that Triangle pattern in force and can take U-turn any time from current levels towards 8900-8800 positionally.

ii). In case, Bulls succeed in breakout 9400 level implies that nifty can test 9600-9700 on upside Before taking U-turn.

Hence, watch 9400 spot level and trade accordingly.

Most preferred View: As per technical charts, a series of negative divergences at resistance levels indicating that most preferred view is triangle pattern about to complete its pattern and downtrend can resume soon.
Keep 9450 as stop loss for short-selling positions for low-risk entry for targets 8900-8800 zone.

Option data also indicated that 9300 and 9500 important resistance for  short term.
9000-8900 important supports for short term.


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

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.
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