Minor corrective pattern completed at 15170. Now heading towards upper channel line 15450-15500.

As expected in last update, Nifty moved upward from 15220 to 15400 zone

From 15430 level, minor corrective pattern has begun and it completed yesterday at 15170.

Double correction pattern, zigzag and Flat pattern.

Moreover, Nifty tested lower gap between 15245 to 15185 zone.

This gap held as crucial support on closing basis.

Now Nifty heading towards 15450-15500 zone.

Major trend up.

Initiate fresh long positions for higher levels 15500+.

Keep stoploss at 15040 for 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.

Earning Wave

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