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Showing posts from May, 2020

Bulls defending critical supports. What's next???

From past few days Bulls trying hard to defend critical support zone 9030-9000.Friday in first half , they lost this zone but they reclaimed it in 2nd half of the day and closed above it. Bulls get strength above 9175-9200 zone.  Incase bulls succeed in surpass 9200 level, we can expect minor pull back rally to squeez shorts.
Today Bears again strike to break down 9030-9000 support.  We need to watch who will win the battle.  Whoever wins trade in that direction. Regards, Suryadev Bandari Research Analyst

Bulls back into action.

Bulls staged back and protected crucial support zone 9030-9000 and succeeded to close above 9130.Today also bulls can take nifty higher above 9175-9230 zone. As long as nifty holds 9030-9000 support zone, it can move up to 9250-9400+ levels positionally. Short term traders can initiate fresh long position for 9250-9400 targets. Keep strict stoploss below 9030-9000 zone. Regards, Suryadev Bandari Research Analyst

9000-9100 Critical Support held. More upside possible.

Yesterday Bulls succeeded in holding critical support zone 9100-9000. Bears failed to breakdown this important support. As per latest data update, Nifty chart indicating that still one minor upside wave possible towards 9600 first as there exists big gap areas ( Island reversal pattern). that's the reason today it attempted to move up above 9600 but bulls unable to hold higher levels in first attempt witnessing weakness. As per Rule of Polarity, Resistance becoming supports now. Yesterday it took support at previous resistance level 9050.
Today it taking support at previous resistance 9350. Hence, all these patterns indicating that as long as nifty holds 9350, one more upward bounce possible. Upside targets would be 9600 first , then 9800 next target. Traders can initiate fresh long positions for short term point of view.
Keep strict stoploss for longs below 9050-9000 zone.
Entire bounce from 7511  is wave B of higher degree and is still in progress. There is no doubt that Wave B is counter …

Pull back to 9400 over. Failure to hold above 9110 triggers selloff. Be alert.

As updated in last post, nifty rallied to 9438 from 9230 levels successfully. Now as per latest data update, Nifty critical support at 9110-9090 zone.
Bulls need to protect this support zone to continue upward momentum. Failure to hold this critical support 9100 means Major down trend has resumed its journey. Hence, Avoid fresh long positions. If you holding long positions, keep strict stoploss at 9080 spot level. Close below 9100 would trigger huge selloff in coming sessions. Candlestick charts formed negative reversal formations since last two days. Unless we close above 9280, down ward move likely to continue further. Below 9090, major support at 9000 level. Majority of options open interest existing at this level.
Hence, breaking below 9000 would confirm the major trend (down ) resumed on downside.
Be alert. Keep watch 9090-9000 support zone.
Regards, Suryadev Bandari Research Analyst

Minor pull back rally to 9400-9450 possible before fall.

Nifty trend reversed from 9890-9117 zone. From there, minor counter wave bounce has begun and in final push to 9350-9400 possible from current levels. Flat pattern in progress. Upper resistance at 9350-9400-9450. On lower side, supports exist at 9100-9050. Traders kindly note that this bounce would be counter trend in nature, hence its sustainability is susceptible and short life. Therefore, short term traders can utilize this bounce for purely trading purpose only.
Keep strict stoploss below 9050 spot, if in any case, nifty breaks this critical support, no matter what, just exit long positions immediately. Hence, short term traders can initiate long position here at 9230 spot level for target of 9350-9400 zone. and book profits in resistance zone mentioned above. Selective Pharma and Metals can participate in this bounce. choose wisely. Regards, Suryadev Bandari Research Analyst www.earningwave.com

ISLAND Reversal Pattern at Resistance. Bears in Strong position.

Nifty formed Bearish Island Pattern in Daily Charts.
Can Bulls succeed to fill the gap?, we need to watch today's price action. Gap Area acts as strong resistance until it filled. Gap area at 9600 acts as stiff resistance. Bulls need to close above 9600-9731 zone to move upward.
In case Bulls unable to fill the gap and close below 9600 today, it will boost Bear's Strength. Important Critical support exists at 9380-9350 zone. Supporting Trend line placed in this zone. One close below 9380-9350 zone would trigger selloff in market as it would be confirmation of major trend reversal. Hence, keep strict stoploss around 9350 zone for long positions. Once this support breaks, exit long positions.
Resistance 9600-9730 Supports 9380-9350.
Regards, Suryadev Bandari Research Analyst www.earningwave.com