Bulls stepped in at lower level and moving to breakout resistance zone.

Nifty consolidated in tight range of 15600-15960 from past one month approx, now its ready to breakout this range and move higher side.
Elliottwave Point of view, sideways double correction pattern done at recent low 15575. From there we witnessed Buying attraction in market.
Next level to watch on higher side is 15975 and 16070 zone.
As we entered into last week of Monthly expiry, I am expecting sharp moves on higher side once nifty able to surpass 16070 level.
IT and Banking and Finance sectors likely to support nifty to move higher.
Traders and Investors can initiate fresh long positions with stoploss below 15750 spot level.
Regards,
suryadev bandari
research analyst

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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