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

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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