Skip to main content

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.
Suryadev Bandari
Research Analyst

Popular posts from this blog


Exhaustion gap formed. Bulls strength eroded???.

Nifty bounced back strongly on back of Major news announcement of Cut in Corporate Tax on Friday. Today nifty retraced 61.8% of entire fall. As of Now, wave 2 in finishing stages.  More possibility for Wave 3 down to begin any time soon. Hence, Be cautious. Its time to reduce long positions. Profit booking time. From current levels, nifty likely to retest 11000 levels anytime. Short term top made. New highs may not be possible from here. Keep booking profits in long positions. Wave 3 Impulsive Down move can begin any time. Regards, Suryadev Bandari Research Analyst

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