#Nifty #Elliottwave #Earningwave 11770 support broken. 11670 is last hope for Bulls in short term. Once it breakdown, gates opens for selling pressure. Be alert on long positions. https://t.co/xK2inUMoeM
As expected in last update, nifty corrected sharply from 11960 to 11660 levels. From there, it bounced back as counter trend move. Inner wave counts suggesting that, this bounce is only counter trend bounce as minor waves are overlapping on each other. By considering other classical technical indicators, markets can face heavy selling pressure at current levels once nifty break below 11820 spot level. Yesterday it closed below 11900 level, giving hint of Bulls exhaustion. Avoid taking fresh long positions. Traders can initiate fresh short sell position below 11820-11800 zone. This Bearish view can negate if nifty surpass 12025 spot level. As long as nifty do not break out upside, this view holds right. Markets breadth also not favoring bullish view. Resistance 12025 Support 11870-11820. Regards, Suryadev Bandari Research Analyst www.earningwave.com
Nifty cmp 11990. day high 12022. Day low 11968. as of 9.56 a.m As shown in chart, nifty at final stages of trend maturity. Probable reversal zone is at 11850-11800 but it over thrown a bit above 12000, common characteristic in Ending Diagonal pattern. Very soon nifty can witness profit booking. Hence, as far as possible book profits in long positions or atleast keep strict stoploss to long positions. As per the chart pattern, deeper correction ahead in coming sessions. Key levels to watch 11900 below bearish confirmation. Resistance placed between 12040-12080 zone. Regards, Suryadev Bandari Research Analyst www.earningwave.com
After continuous rally of 9 days, nifty formed Doji pattern at top. At same range nifty took reversal in previous also. Hence, traders preferred to book profits. Global markets too showing similar indications. Tomorrow, MPC committee to announce RBI CREDIT POLICY. Banking stocks likely to witness profit booking for short term. Avoid fresh long positions. It's time to book profits in long positions. Technical indicators formed Negative Divergence in Indicators. It's time to stay ALERT. KEEP STRICT STOPLOSS TO LONG POSITIONS. stock specific moves can be visible. As mentioned earlier, nifty can correct up to 11550-11440 zone in coming sessions. Regards, Suryadev Bandari Research Analyst www.earningwave.com
Nifty cmp 11863. Keep booking profits in long positions. Market can take U turn and face selling pressure any time soon. Nifty and Banknifty both showing over bought and pattern indicating maturity of short term impulsive wave. so any time soon we see selling pressure. traders can book profits in long positions. regards, suryadev bandari research analyst www.earningwave.com
Date : 7th October, 2020 Time: 4.50 a.m Nifty cmp 11662. Nifty rebounded from 11185 to 11677 in recent swing. Minor wave iii appears to be done and minor wave iv correction pending up to anywhere between 11481-11421 range. Kindly note that, this is minor correction in the Major uptrend. Hence, short term traders book profits in long positions. As 200-250 points correction expecting in nifty in near term , from there again uptrend resumes. For the couple of days, market to trade weak and face profit booking in select stocks. Investors need not worry as this is only minor correction. Market rebounds after minor correction. Stock specific action can be seen. Regards, Suryadev Bandari Research Analyst www.earningwave.com
As forecasted, nifty rebounded from lows 10820 to 11375 (cmp). It crossed crucial resistance 11255 too. Next important levels to watchout are 11400-440 zone. Those who bought at lower levels can book profits comfortably here. Regards, Suryadev Bandari Research Analyst.