61.8% retracement done in Nifty. 13811-13775 gap area acts as support. Markets can bounce.

Nifty cmp 13824.

Nifty retraced 61.8% of previous wave.

Nifty has gap area at 13811-13775 zone, this can acts as support zone.

Most probably market fall can stop here and fresh upmove can start from here.

Most of the stocks also at finishing stage of wave 4 correction, impulsive wave can begin soon in high beta stocks.

Be stock specific.

Levels to watch:

Move above 14000 positive indication for Bulls.

Move above 14230 bullish confirmation.

Bears active move below 13600.

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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