Bulls exhausted at peak levels, Bears ready to strike back..........!

Nifty trading at 18870.

Banknifty trading at 43950.

Both trading at key resistance levels.

Follow up buying is missing.

Huge call writing visible at 44000 and 43900 strike in Banknifty .

Huge call writing visible at 18900 in nifty.

As weekly expiry today, we can expect big fluctuation with negative bias.

Stay alert.

Avoid Fresh longs until nifty cross abvoe 19000 and Banknifty above 44100.

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.

Earning Wave

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