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Market completed complex double correction pattern. Fresh up move to resume.

 Nifty almost completed complex double correction pattern (abc-x-abc) at yesterday's low.

Now its resuming up move. Once it cross 15115 spot, we get confirmation.

Most of the stocks too completing correction pattern and impulsive up move can begin any time soon.

Banking and Financials can lead nifty up side.

Cover shorts, if any.

Go long with yesterday's low as stoploss. 

Buy on Dip market.

Regarding,

Suryadev Bandari

Research Analyst

www.earningwave.com


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 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