Earning Wave

Market discounted Election Results and continuing its own course now. Upside capped between 12000-12100. Today it tested 12040 and sharply reversed trend from there. Now, its heading towards previous upward gap between 11426-11591. Daily charts showing Shooting star like formation. As long as nifty trades below 12100, its downward journey continues towards 11420.-11400. Be cautious on long positions. Regards, Suryadev Bandari Research Analyst

Market reacting to Exit Poll surveys and marked new High in Nifty at 11882 today. On higher levels strong resistance between 11900-12100. India Vix still above 24.50 levels. High volatile sessions possible till 23rd May until final counting results announcement. Only risk appetite traders take short sell positions with strict stoploss levels at higher levels. Risk averse traders better to stay in cash and wait for election results. Nifty and Banknifty likely to move down towards yesterday's gap zone. Overall structure looks like trapping Bulls. Bull trap. Avoid taking new long positions. Use this bounce to exit from existing long positions. Regards, Suryadev Bandari Research Analyst

From past 3 days Bulls succeeded in holding important supports. Monthly support existed at 11130 and 200 EMA at 11100 making this range very crucial for bulls. As long as this 11130-11060 holds, sharp rally possible till 11350-11400. Avoid short selling. Keep strict stoploss to Long positions below 11060 spot level. Regards, Suryadev Bandari Research Analyst

As projected, bulls succeeded in holding crucial support 11100 level and staged come back in 2nd half of the day. Banknifty too bounced sharply in last hour. This bounce to continue further today. Next upside targets would be 11280 then 11360. Keep strict stoploss below 11100. Regards, Suryadev Bandari Research Analyst Sent from my iPhone

Nifty fell from 11770 levels and currently trading at important support zone 11100-11060. Here 200 Dma and other important supports exists. In technical indicators, bullish divergence signals formed. Hence, anytime short covering rally can begin. Book profits in short selling positions and go long with 11000 as strict stoploss. Regards, Suryadev Bandari Research Analyst. Sent from my iPhone

Nifty holding crucial support at 11280 and trading above it. As shorter time frame indicators in over sold position. As long as nifty holds 11280-11260 support level, minor bounce possible towards 11470-11500 resistance zone from hereon. Sell on Rise Mode. At present, its better to book profit in short positions. Regards, Suryadev Bandari Research Analyst www.earningwave.com

Nifty achieved 11500 target and even tested 11400 spot level today. Now its possible to retest 11500 resistance one time before heading lower level. Hence, book profits in short positions once at current levels 11400 and wait for minor bounce towards 11500-11510 zone. Regards, Suryadev Bandari Research Analyst www.earningwave.com