Bulls held 11052 support level, now trend looking strong towards 11300+ level.

Yesterday, 22-07-2020, nifty opened higher and faced profit booking till 11052 zone.

There Bulls entered again to held that support. from there, we see continuous rally again today.

Yesterday's low not tested again and moved above 11200 level.

It looks like yesterday's pattern as a-b-c corrective pattern. Hence one more impulse wave due from here with 5 inner waves, which can take nifty higher to 11300+ level.

avoid short selling untill nifty give clear trend reversal signal in price chart.

Till then follow the trend, i.e ., up trend.

regards,

Suryadev Bandari

Research Analyst

Comments

LIVE ON DOORDARSHAN 8 YADAGIRI "BUSINESS MUCHATLU"

Market likely to take a PAUSE.

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

Banknifty trend Up.

Banknifty almost completed Sideways correction today around 44550 and turned up. Now it appears to be resume upward Journey tpwards 45700+. Regards, Suryadev Bandari Research Analyst.

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