Market at short term support 13380-13400. Bounce back to 13500 above possible. Avoid short selling.

Nifty after testing new high yesterday, today facing minor profit booking.

Currently, nifty took support at minor support zone 13380-13400 in the opening hour.

Bulls holding short term support zone means, we can expect pull back rally to 13500 above from here.

Upside trendline resistance at 13580-13600. This trendline slopping upward so resistance level can increase more day after day.

Keep strict stop-loss to long positions below 13380 spot. for higher targets.

Unless nifty close below crucial support 13200, avoid short selling.

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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