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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

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 www.earningwave.com

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