Nifty at Crucial Resistance zone. Be alert.

Today , I am showing nifty weekly chart, as per chart shown, nifty near to its major resistance trend line.

Elliott wave wise, nifty at the ending level of 5th Wave of larger degree.

That makes nifty vulnerable to correction at any point of time.

Upside resistance placed at 12780-12900 zone.

Yesterday nifty achieved nearly 12780 resistance level. So we can expect correction any moment.

Moreover, Diwali and Muhurat trading also tomorrow so most probably, upward journey nearing to end.

Technical parameters too over bought and Negative Divergences formed.

Investors protect profits and book profits as far as possible.

Keep watch 12430 zone carefully, once that support breaks, Bears take control.

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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