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Showing posts from September, 2020

Correction in market ended?? or to be continue more??

 Nifty corrected from 11797 to 10791 nearly 1000 points, in a-b-c pattern as shown in the chart below. In Elliott Wave principle, after an A-B-C pattern, impulsive wave begins. In this case, wave 4 ended as a-b-c form and Wave 5 larger degree about to commence which can take nifty to new highs.  Investors  no need to worry about this correction as next coming direction is upward and takes nifty to new highs. Hence, investors and traders can initiate fresh long position for 11400-11800 in coming days. nifty corrected more and out of channel line, today we get confirmation of upmove once nifty again bounce back to channel line move above 10950- would be first confirmation of upmove. Keep an eye on 10950 level.  short sellers cover shorts and go long. regards, Suryadev Bandari Research Analyst

Minor correction in Major upmove. 23.8% retracement done at 11086. Upmove to resume.

 Nifty corrected from 11800 to 11085 today. Wave 3 begun from  approx 8800 to 11800. Recent correction done 23.8% retracement of wave 3 done.  From here on , nice and decent upward move likely to begin towards new highs. Its time to fresh investment for long term investors. Traders can initiate fresh long positions with strict stoploss below 10900.  Regards, Suryadev Bandari Research Analyst

Bulls succeeded in breakout key resistance 11550 and heading for 11680-11700 zone.

 Bulls staged back and push nifty upward above 11550, even tested 11617 yesterday. Today also it opened near yesterday's open level and heading higher. One close above 11620 would strengthen bulls more powerful and short covering can lift index much higher levels. Every dip is a buy opportunity. Regards, Suryadev Bandari Research Analyst

Is Market getting ready for Diwali rally????.

 Nifty cmp 11235. 09-09-2020 10:10 AM. As shown in chart, Preffered wave counts suggesting that Nifty corrected from 11790 to 11209 as part of triangle formation as Wave 4.  Most probably Wave 5 bounce has to begin from current levels towards new all time highs possibly till this Diwaali. Hence, traders can initiate fresh long positions in Banking stocks and beaten down stocks for this Diwali. This view hold right, as long as nifty trades above 11150 spot.  Up move confirms once, nifty surpass 11350 spot. Regards, Suryadev Bandari Research Analyst