Earning Wave

 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

 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  

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

From recent dip to 11186, nifty rebounded as expected and surpassed 2 key resistance levels, 11350 and 11440. Friday closed above resistance. Now its heading for 11550 levels. Every dip is a buying opportunity. Regards,  Suryadev Bandari Research Analyst