Skip to main content

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.
Suryadev Bandari
Research Analyst

Popular posts from this blog


Exhaustion gap formed. Bulls strength eroded???.

Nifty bounced back strongly on back of Major news announcement of Cut in Corporate Tax on Friday. Today nifty retraced 61.8% of entire fall. As of Now, wave 2 in finishing stages.  More possibility for Wave 3 down to begin any time soon. Hence, Be cautious. Its time to reduce long positions. Profit booking time. From current levels, nifty likely to retest 11000 levels anytime. Short term top made. New highs may not be possible from here. Keep booking profits in long positions. Wave 3 Impulsive Down move can begin any time. Regards, Suryadev Bandari Research Analyst

Nifty broken down from Ending diagonal pattern. Major trend reversal below 11850 spot.