Earning Wave

As mentioned in the last update, 9350 remained a crucial resistance and 9020-9000 as a crucial support zone. As we can see in the chart that, bounce from 8000 to 9315 appears to be in Diagonal pattern, minor waves overlapping each other. This pattern is definitely a counter-trend pattern only. On Friday, nifty recorded high at 9315 and from there profit booking started and drifted to9092 before bounced back to 9291. In daily charts, the Hanging Man pattern formed in Nifty. Indication of possible trend reversal. We need to look for confirmation of price action today. Friday's low 9092 if breaks down, then we can get confirmation of trend reversal in short term point of view. Close below 9092 gives us confirmation of trend reversal. On the flip side, holding on to 9092-9000 zone means one more attempt to 9350-9435 is possible as the final push to upward. Trade accordingly, Resistance 9350-9435. Supports 9092-9020-9000. Regards, Suryadev Bandari Research Analyst

Close below 9020-9000 support zone means, major down trend resumed. Hold long positions, only if nifty stays above this support zone. Below 9000 support, more downside pressure in market. Regards,  Suryadev Bandari Research Analyst.

There is no change in the Major trend(Downtrend). In a shorter time frame, counter-trend up move still in progress, not completed. Counter trend wave pattern has 2 possible formations at the current scenario as marked in the chart. One is the triangle pattern in which wave e is due to complete. which can take a u-turn from 9350 around. The second possibility is an a-b-c zig-zag pattern, in which waves a and b completed and wave c is due to finish, in this case, it can move above 9350 and can test even 9560-9600 zone. Hence, for the short term time frame, watch 9350 levels keenly, if nifty moves above this level, then it can bounce up to 9560-9600 zone. on the flip side, in case nifty take U-turn from 9350 levels, then we should watch 9020 spot levels to get confirmation of trend reversal to the downside. On the whole traders and investors need to watch 9350 levels on the higher side and 9020 levels on the lower side to take fresh trade according to market momentum. Resistanc

As per the last update, nifty exactly bounced back from lower levels 8100 levels to upper resistance zone 8900-9200 zone. Triangle formation can complete anywhere between 9100-9350 zone. After the Triangle pattern, Major trend resumes which is Downtrend.  Hence, Traders and Investors who bought long positions at lower levels around 8100 level, book profits fully at current levels 9070.(CMP at the time of writing this update). Pharma and Banking stocks witnessed decent pullback rally. Book full profits in them. Nifty can take U-turn and can resume downtrend anytime from here.  Avoid building fresh long positions.  Bears can strike again at 9100-9350 zone. trade accordingly. Regards, Suryadev Bandari Research Analyst

Nifty still in a triangle formation and wave e of the triangle is due as per updated pattern. The minimum upside for the short term is 8900-9200. Avoid fresh short selling at this juncture. Pull back rally is due. Supports can be found at 7700-7500. The range is Huge, so risk also high. Private sector Banks also completing triangle like formations in their respective charts. We can see some short term buying in private banks at these lower levels. Trade accordingly. Regards,  Suryadev Bandari Research Analyst

Nifty in counter-trend wave pattern between 7500-9100 range. This counter-trend wave taking  "contracting triangle formation", to complete this triangle formation, one minor pull back to 8900-9100 possible before taking downward momentum. Hence, today expected to be in positive territory and can test anywhere between 8900-9100 zone. As we all know that counter-trend wave means a temporary pause in a major trend. After completing the counter-trend move, Major trend resumes, which downtrend. Hence, use this bounce to exit some of the long positions or book profits in long positions which were bought at recent lower levels. This is certainly not the right to fresh investments. Trade Accordingly. Resistance 8900-9000-9100. Supports 7700-7500. Regards, Suryadev Bandari Research Analyst

Nifty achieved our previous downside target zone 7700-7500. From there it bounced back to 8700+ today. As per the updated data, this bounce is in corrective pattern only. Its a Bull trap. Bulls should avoid falling in this trap. This bounce is short term only. Down trend to resume again and it can break 7500 levels too. Stay Cautious. Investors need to wait for some time. If possible, short sellers can initiate fresh shorts in Index with stoploss above 9100 lvels. This is for High risk traders only. Nifty daily range become huge so both risk and rewards also huge. Trade Accordingly. Today is March Series FnO expiry, so we can see huge volatility in Market. Market taking short breath only. Bears strikes again. Avoid fresh long positions. Its a sell on rally market, But due to restrictions on short selling, not everybody can short sell in this market. Conditions apply. Resistance 9000-9100. Downside levels 7700-7500. Regards, Suryadev Bandari Research Analyst