Two possible scenarios open for the day.

Nifty has two possible scenarios open as of now.

impulsive wave has begun from 13600 is unfolding in larger degree in which,

i). Minor corrective wave done from 15257 to 14978. Now next leg of rally started from 14978 and heading for 15400-15500 zone.

ii). Minor corrective wave still under progress and Nifty can retest 14978 -15000 zone again and from there bounce back to 15400.

Levels to watch for clear signal for trend.

Watch 15257 breakout for resume of uptrend towards 15400-15500.

Watch 14978 on lower side to resume of corrective wave which can restest anywhere between 14850 to 14550 zone.

Hence watch for range breakout and trade accordingly.

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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