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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 trend move.
These kind of moves shall be used to create short term trading setups only.
Long term trend is still  in down side.

Supports 9350-9250./9000.
Resistance 9600-9900.

Suryadev Bandari
Research Analyst


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Up move to continue. New Highs to form again.

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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.
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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.
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12250-12300 next upward levels to watch for.
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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