NIFTY REGAINED SUPPORT ZONE 16800-850 ZONE. BEGINING OF NEW UPTREND???

Yesterday due to RBI rate hike, markets faced sudden selloff and broken key support zone 16850-800 zone. Made day low at 16625. Last night Fed too raised interest rates by 50 basis points.

Fed indicated that ongoing rate hikes would not be harsh and markets welcomed that dovish comments.

US markets rallied after that and moved up as per my forecast.

Today our markets too regained again support levels and trading above 16900 zone.

Can be say this as fresh rally has begun??

May be this is too early to say but we can say that, there is no more deep downward pressure.

Markets can stabilize here and head for breakout of 17220-17440 resistance zone.

Only above 17440, we can say that, fresh rally has begun.

Till then buy on dip market with stoploss below 16800-750. zone.

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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