Earning Wave

From past 3 trading days, nifty witnessed severe profit booking from 12430 to 12087. Nearly 343 points fall from highs. As mentioned in previous update, lower gap existed at 12133-12045 acting as support for Bulls. As per today's opening pattern, it clearly visible that bulls applied breaks to correction and stepped in. Formed Bullish Harami pattern as per Candlestick analysis. It is possible that Short covering action lifts market further upward direction. Similar candle pattern clearly visible in Banknifty charts.                                   Technical indicators like MACD , RSI clearly showing trend changing signals.  As we approaching near to expiry week, short covering rally can begin from current levels. In doing so, nifty has to break out first swing high, which is placed at 12230. Once Bulls succeeds in breakout this 12230 swing high, we can expect this momentum to pick up more upside direction. Many of high beta stocks completed minor corrections f

Today Bullish Divergence visible in nifty and Banknifty. Bulls likely to take charge over market. Lets see.

NIfty achieved our upside target 12350. Reversed from 12430 to today's low 12162. Is uptrend reversed?? or just a normal correction. As per price pattern and wave pattern, uptrend is still intact. Its a normal correction only, not a trend reversal. On lower side, gap exists at 12132-12044 range. This gap acts as support for Bulls. Short term indicators badly in oversold zones. BUDGET rally probably starts from current levels. Pull back rally can be sharp and swift upside. Resistance 12280-12300. Supports 12130-12045. Regards, Suryadev Bandari Research Analyst. www.earningwave.com

Nifty recorded new high on Friday 12311.20 After recording new high, nifty faced minor selling pressure and dipped down to 12217 level. There again Bulls entered fresh longs and index closed nearly 12256 level. Today, Nifty again likely to record new highs and this up move to continue more towards 12360-12375 levels. Major High beta stocks ready to move higher levels. Banknifty did not made new high on Friday, so most probably , banknifty to test previous highs today and may record new high. Avoid short selling. This is buy on dips market. Nifty Resistance 12360-12375-12400. Support 12210-12170. Regards, Suryadev Bandari Research Analyst www.earningwave.com

After initial minor correction, market zooming up. Nifty 10points away from all time high. New all time high possible to record todsy. Avoid short selling. Prepare for new highs. Regards, Suryadev Bandari

Bulls staged back at around support zone 11900 and took nifty upward towards previous highs 12295. Today's High 12271. Shy of 24 points from previous peak. As nifty bounce sharply from 11930 to 12270 sharply, we can expect minor retracement today towards 23.6% retracement at12195 zone initially. or 38.2% retracement at 12150. Around 12150, crucial support exists, that would be best point to initiate fresh long positions. As major momentum is up , every dip is a buying opportunity. On upside, 12300 first resistance then 12360 2nd resistance. Supports 12190-12150. Regards, Suryadev Bandari Research Analyst www.earningwave.com

Yesterday we witnessed steep fall due to geopolitical news effect. Markets corrected to 66%-78% retracements in indices. As expected yesterday, today fresh upmove has begun. Bulls successfully opened with huge gap up. Next upside resistance at 12173. Once bulls succeed to move above this level, huge short covering rally can take nifty much higher. Probably wave3 impulsive wave has begin, we can witness more gaps up moves on upside. Buy on Dips mode. Technically oversold, avoid short selling. Technical indicators back to buy mode. Support 11900-12000 Resistances 12175-12235. Regards, Suryadev Bandari