Earning Wave

 Nifty major trend still upwards. Every dip is being bought into. As I mentioned before, every 100-150 point fall can be utilize to create fresh long positions for short term trading purpose. Nifty resistance trendline at 14300-14400 for short term. Nifty can achieve this target positionally. Stock specific moves likely to continue. Be stock specific in entering long positions. Avoid short selling for awhile. Go with the main trend. Banking sector looks bullish and pharma to join soon. Regards, Suryadev Bandari Research Analyst www.earningwave.com

 Nifty cooled off bit from over bought zone and took support near 13130 and bounced back. Nifty successfully breakout 13500 level and now heading towards 14000+ levels positionally. Recent dip was a good buying opportunity for traders to enter new long positions. Fall was corrective nature and impulsive bounce is due. many of stocks witnessed minor correction and upmove is due and its started. Pharma and banking stocks looks good for short term long trades. Support 13130-13000. Upside targets 13900-14000. Regards, Suryadev Bandari Research Analyst www.earningwave.com

 Nifty, as forecasted before, sustained 13400 support and move past 13600 level. Every dip being bought into. Majority of stocks still showing some kind of up move left. Bulls are very resilient at higher levels. In this kind of scenario, trader should follow trend with proper stop-loss orders. Going against trend is fatal to capital. Unless we get strong confirmation of trend reversal, one should avoid short selling ideas. Keep booking profits wherever possible at least partial.  For the short term point of view, some bounce can be expected in Banking, metals, pharma and IT sectors in coming sessions. Be stock specific trading.  Crucial supports at 13535-13500. as long as nifty trade above this level, it can bounce back to 13800+. Regards, Suryadev Bandari Research  Analyst www.earningwave.com

 Nifty completed Ending diagonal pattern yesterday and immediately taken U turn from all time High 13145.85. As we know that After an Ending Diagonal pattern there would be swift reversal , exactly that's what happened yesterday.  Surprisingly, all major sectoral indices breached crucial supports at closing time and closed below it. This is indicating that, for the time being, nifty entered into correction phase. Immediate down side targets for nifty would be 12760 and then 12530. Resistance remained at 13145. US Dowjones too formed similar pattern yesterday. It seems that, global market too getting inline for correction phase. Be alert on holding long positions. Any close below 12600 would drag nifty to more downside. Its better to book long positions at least partial profit booking. As today fno Settlement, we can see more volatility or panic moves in market.  trade with strict stoploss. regards, Suryadev Bandari Research Analyst www.earningwave.com

 Yesterday nifty and sensex both formed Bearish Belt hold like pattern at higher levels.  Indicating that Bulls possibly exhausted at current levels (cmp 12845). High made Yesterday 12934. Now, Impulsive move has ended, we can expect corrective pattern from hereon. Next important levels to watch in nifty are 12750. and 12550.  Technically, negative divergences formed in almost all major degree charts. Hence, its time to book profits in long positions, not to initiate fresh long positions. Regards, Suryadev Bandari Research Analyst www.earningwave.com

 As expected in last update, nifty corrected sharply from 11960 to 11660 levels. From there, it bounced back as counter trend move. Inner wave counts suggesting that, this bounce is only counter trend bounce as minor waves are overlapping on each other.  By considering other classical technical indicators, markets can face heavy selling pressure at current levels once nifty break below 11820 spot level. Yesterday it closed below 11900 level, giving hint of Bulls exhaustion. Avoid taking fresh long positions. Traders can initiate fresh short sell position below 11820-11800 zone. This Bearish view can negate if nifty surpass 12025 spot level. As long as nifty do not break out upside, this view holds right. Markets breadth also not favoring bullish view. Resistance 12025 Support 11870-11820. Regards, Suryadev Bandari Research Analyst www.earningwave.com

 Nifty cmp 11990. day high 12022. Day low 11968. as of 9.56 a.m As shown in chart, nifty at final stages of trend maturity. Probable reversal zone is at 11850-11800 but it over thrown a bit above 12000, common characteristic in Ending Diagonal pattern. Very soon nifty can witness profit booking. Hence, as far as possible book profits in long positions or atleast keep strict stoploss to long positions. As per the chart pattern, deeper correction ahead in coming sessions. Key levels to watch 11900 below bearish confirmation.  Resistance placed between 12040-12080 zone. Regards, Suryadev Bandari Research Analyst www.earningwave.com  

 After continuous rally of 9 days, nifty formed Doji  pattern at top. At same range nifty took reversal in previous also. Hence, traders preferred to book profits. Global markets too showing similar indications. Tomorrow, MPC committee to announce RBI CREDIT POLICY.  Banking stocks likely to witness profit booking for short term. Avoid fresh long positions. It's time to book profits in long positions. Technical indicators formed Negative Divergence in Indicators. It's time to stay ALERT.  KEEP STRICT STOPLOSS TO LONG POSITIONS. stock specific moves can be visible. As mentioned earlier, nifty can correct up to 11550-11440 zone in coming sessions. Regards, Suryadev Bandari Research Analyst www.earningwave.com  

 Nifty cmp 11863.  Keep booking profits in long positions. Market can take U turn and face selling pressure any time soon.  Nifty and Banknifty both showing over bought and pattern indicating maturity of short term impulsive wave. so any time soon we see selling pressure. traders can book profits in long positions. regards, suryadev bandari research analyst www.earningwave.com

Date : 7th October, 2020 Time: 4.50 a.m Nifty cmp 11662. Nifty rebounded from 11185 to 11677 in recent swing. Minor wave iii appears to be done and minor wave iv correction pending up to anywhere between 11481-11421 range.  Kindly note that, this is minor correction in the Major uptrend. Hence, short term traders book profits in long positions. As 200-250 points correction expecting in nifty in near term , from there again uptrend resumes. For the couple of days, market to trade weak and face profit booking in select stocks.  Investors need not worry as this is only minor correction. Market rebounds after minor correction.   Stock specific action can be seen. Regards, Suryadev Bandari Research Analyst www.earningwave.com    

 Nifty corrected from 11797 to 10791 nearly 1000 points, in a-b-c pattern as shown in the chart below. In Elliott Wave principle, after an A-B-C pattern, impulsive wave begins. In this case, wave 4 ended as a-b-c form and Wave 5 larger degree about to commence which can take nifty to new highs.  Investors  no need to worry about this correction as next coming direction is upward and takes nifty to new highs. Hence, investors and traders can initiate fresh long position for 11400-11800 in coming days. nifty corrected more and out of channel line, today we get confirmation of upmove once nifty again bounce back to channel line move above 10950- would be first confirmation of upmove. Keep an eye on 10950 level.  short sellers cover shorts and go long. regards, Suryadev Bandari Research Analyst www.earningwave.com

On Friday Bulls held important support zone 11000-11050 and closed at 11073. In last 3 trading days, nifty corrected from 11341 to 11026 with low volumes, appears to be minor profit booking. Monday nifty likely to trade in the range of 10950-11250 range. As per Technical Indicators, Buy on Dips mode. Stoploss for long positions keep below 10900. As long as this support holds, nifty tries to move up towards 11400-11500 zone. Avoid aggressive short selling. Move above 11150 would strengthen Bulls. Move below 10900 would strengthen Bears. Monday's price momentum crucial to decide next week's direction. Regards, Suryadev Bandari Research Analyst

Nifty formed Bearish Island Pattern in Daily Charts. Can Bulls succeed to fill the gap?, we need to watch today's price action. Gap Area acts as strong resistance until it filled. Gap area at 9600 acts as stiff resistance. Bulls need to close above 9600-9731 zone to move upward. In case Bulls unable to fill the gap and close below 9600 today, it will boost Bear's Strength. Important Critical support exists at 9380-9350 zone. Supporting Trend line placed in this zone. One close below 9380-9350 zone would trigger selloff in market as it would be confirmation of major trend reversal. Hence, keep strict stoploss around 9350 zone for long positions. Once this support breaks, exit long positions. Resistance 9600-9730 Supports 9380-9350. Regards, Suryadev Bandari Research Analyst www.earningwave.com

As per the updated wave count,  5th Impulsive down wave has started in market. Nifty can breakdown 8000 mark. Avoid bottom fishing. Bottom has not made yet. Protect capital. Do not average in lossing stocks. This is falling knife. Do not try to catch it. Go with the flow.  This momentum favors short selling traders. This crash very different from 2008's. Small and midcaps already bleeded. Now large caps started bleeding. Large cap stock can bleed more on downside.  Short sellers still find shorting opportunity in large caps. Choose stock wisely. Next downside target 8000. Regards, Suryadev Bandari Research Analyst