Nifty rallied from 15514 to 16348. Now likely to take a pause.

Nifty rallied nearly 830 points non-stop in 7 trading sessions.

Short term point of view, markets likely to take pause and can retrace to anywhere between 16150-15950.

Short traders can book at least partial profits and wait for dip to re enter at lower levels.

Banknifty too rallied from 34140 to 36220 , nearly 2000 points in 7 trading sessions.

Banknifty can retrace anywhere between 35400-35000 zone.

New traders can wait for a dip and initiate long positions at above said retracement zones.

Regards,

Suryadev Bandari

Research Analyst

www.earningwave.com

Comments

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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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