Bears stepped in and Top reversal pattern formed. Be alert.

Yesterday nifty and sensex both formed Bearish Belt hold like pattern at higher levels.

Indicating that Bulls possibly exhausted at current levels (cmp 12845). High made Yesterday 12934.

Now, Impulsive move has ended, we can expect corrective pattern from hereon.

Next important levels to watch in nifty are 12750. and 12550.

Technically, negative divergences formed in almost all major degree charts.

Hence, its time to book profits in long positions, not to initiate fresh long positions.

Regards,

Suryadev Bandari

Research Analyst

www.earningwave.com

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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