Earning Wave

Nifty formed negative Divergence in daily charts and Double top formation in Price Charts. At 11694-11714 range, Double Top Formation preventing Bulls to Cross this resistance. Moorat trading also indicated that Bears likely to take control over market from nowonwards. First confirmation would be trade and close below 11555 spot level. Next crucial support for Bulls is at 11491-11448. Today's price action is crucial for next directional move. Regards, Suryadev Bandari Research Analyst

Market reached resistance level and reversal halted due to Moorat Trading. Till then sideways momentum to continue. Distribution pattern happening at higher levels. Traders avoid taking new long positions. 11555 first level to watch on downward and then 11480 very crucial trend deciding level. Resistance 11700-11750 zone. Regards, Suryadev Bandari Research Analyst www.earningwave.com  

Nifty in process of finishing a-b-c counter trend wave 2 today. Most probably nifty takes U turn from here and head towards 11480 level. In Daily charts, Negative Divergence and  Sell mode in Hourly charts , both confluencing towards downward direction. 11480 is Lakshman Rekha for both Bulls n Bears. above 11480, Bulls holds strength. Below 11480, Bears get strength. Regards, Suryadev Bandari Research Analyst www.earningwave.com

Nifty moved in narrow range in Wedge pattern since last update. Stretched little higher above 11400-11450.  Yesterday it attempted to break 11400 supporting trendline but closed higher. Today 11420 crucial for Bulls to continue this bounce more. Once this 11420 levels breaks and trades below that at least 15minutes, then fresh short selling and long unwinding likely to emerge. Today Banknifty weekly options settlement, so major price action happens in last hour of trading. Technical charts in Negative Divergence mode. Hence, eveery bounce is a sell opportunity. Once this wedge pattern breaks down decisively, nifty likely to break last 3days lows in a single day. Be prepared for that move. Resistance trendline 11500-11550. Supporting trendline at 11425-11320-11265, As far as possible, book profits in long positions, if any. Regards, Suryadev Bandari Research Analyst

Yesterday, nifty moved in range of 11291-11420 and closed near opening level. In daily time frame, nifty formed Doji Pattern at 50% retracement level. Technical Indicators formed Negative Divergence in short term time frame. Market Breadth also negative. Immidiate resistance at 11400 and then 11550. Immidiate support at 11261 there after 11191. In Elliottwave Perspective, minor degree counter wave almost completed at 50% retracement of previous fall and its ready to unfold IMPULSIVE DOWN WAVE. Next downward targets 11261-11191. Avoid taking fresh long positions. Keep strict stoploss to long positions. Market facing high volatility, trading range widened. risky for average traders. Today is 11261 is crucial support for Bulls to continue this bounce further. Once this support breaks down, then Bears take control on Market and drives down to 11191. Sell on Rise Market. Regards, Suryadev Bandari Research Analyst www.earningwave.com

Nifty struggling to stay above 11234 crucial support level. Once this level breaks down, nifty moves down towards next support level at 11140. That is at 200 DMA, Bulls last line of support. Below that level, Bears drive the market down. Technically, Bearish Harami pattern formed in Daily time frame. In Higher degree, technical indicators in Sell mode, hence, any minor bounce difficult to sustain. In Elliott Wave Perspective, more possibility for Wave 3 down move to begin or already started today. To get clear cut confirmation, Bears need to break down 11140 support and close below that. As we entered into results season, stock specific momentum can be seen. Longholders need to keep stop loss below 11140. Resistance 11325 Support 11234/11140.  Regards, Suryadev Bandari Research Analyst www.earningwave.com