Earning Wave

Finally, Bulls got strength around 11850 zone and bounced back to 11981 level and breakout. Now 11850-11800 acts as support zone and resistance moved higher toward 12100+ level. Hence, market in Buy on Dips mode. Avoid building Agressive Short Sell positions and initiate fresh long positions as long as nifty holds 11850-11800 support zone. Regards, Suryadev Bandari Research Analyst www.earningwave.com

Nifty updated Wave Count indicating that nifty is at important juncture. At present, nifty in process of completing larger degree wave 3. 11945-11981 crucial resistance level to watch this week. There is two possible scenarios here.     i) 11945-11981 acts as stiff resistance and prices moves down to break 11700, which is very crucial supporting trendline for Bulls, below which Bears get strength.     ii) if bulls got enough steam, prices moves above 11945-11981 resistance zone, above which next upside target level is 12300. On Technical indicators point of View, Monthly charts in Negative Divergence and in Sell Mode, Weekly charts too in negative divergence and at crucial trend deciding zone. Daily and Hourly time frame indicating overbought zone. Hence, Watch 11945-11981 resistance levels On Monday and trade accordingly. Regards, Suryadev Bandari Research Analyst www.earningwave.com

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