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Triangle formation still in progress. 8900-9200 upward resistance.

Nifty still in a triangle formation and wave e of the triangle is due as per updated pattern.
The minimum upside for the short term is 8900-9200.
Avoid fresh short selling at this juncture.
Pull back rally is due.
Supports can be found at 7700-7500.
The range is Huge, so risk also high.
Private sector Banks also completing triangle like formations in their respective charts.
We can see some short term buying in private banks at these lower levels.
Trade accordingly.
Regards,
 Suryadev Bandari
Research Analyst




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 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