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9000-9100 Critical Support held. More upside possible.

Yesterday Bulls succeeded in holding critical support zone 9100-9000. Bears failed to breakdown this important support. As per latest data update, Nifty chart indicating that still one minor upside wave possible towards 9600 first as there exists big gap areas ( Island reversal pattern). that's the reason today it attempted to move up above 9600 but bulls unable to hold higher levels in first attempt witnessing weakness. As per Rule of Polarity, Resistance becoming supports now. Yesterday it took support at previous resistance level 9050. Today it taking support at previous resistance 9350. Hence, all these patterns indicating that as long as nifty holds 9350, one more upward bounce possible. Upside targets would be 9600 first , then 9800 next target. Traders can initiate fresh long positions for short term point of view. Keep strict stoploss for longs below 9050-9000 zone. Entire bounce from 7511  is wave B of higher degree and is still in progress. There is no doubt that Wave B i

Pull back to 9400 over. Failure to hold above 9110 triggers selloff. Be alert.

As updated in last post, nifty rallied to 9438 from 9230 levels successfully. Now as per latest data update, Nifty critical support at 9110-9090 zone. Bulls need to protect this support zone to continue upward momentum. Failure to hold this critical support 9100 means Major down trend has resumed its journey. Hence, Avoid fresh long positions. If you holding long positions, keep strict stoploss at 9080 spot level. Close below 9100 would trigger huge selloff in coming sessions. Candlestick charts formed negative reversal formations since last two days. Unless we close above 9280, down ward move likely to continue further. Below 9090, major support at 9000 level. Majority of options open interest existing at this level. Hence, breaking below 9000 would confirm the major trend (down ) resumed on downside. Be alert. Keep watch 9090-9000 support zone. Regards, Suryadev Bandari Research Analyst

Minor pull back rally to 9400-9450 possible before fall.

Nifty trend reversed from 9890-9117 zone. From there, minor counter wave bounce has begun and in final push to 9350-9400 possible from current levels. Flat pattern in progress. Upper resistance at 9350-9400-9450. On lower side, supports exist at 9100-9050. Traders kindly note that this bounce would be counter trend in nature, hence its sustainability is susceptible and short life. Therefore, short term traders can utilize this bounce for purely trading purpose only. Keep strict stoploss below 9050 spot, if in any case, nifty breaks this critical support, no matter what, just exit long positions immediately. Hence, short term traders can initiate long position here at 9230 spot level for target of 9350-9400 zone. and book profits in resistance zone mentioned above. Selective Pharma and Metals can participate in this bounce. choose wisely. Regards, Suryadev Bandari Research Analyst www.earningwave.com

ISLAND Reversal Pattern at Resistance. Bears in Strong position.

Nifty formed Bearish Island Pattern in Daily Charts. Can Bulls succeed to fill the gap?, we need to watch today's price action. Gap Area acts as strong resistance until it filled. Gap area at 9600 acts as stiff resistance. Bulls need to close above 9600-9731 zone to move upward. In case Bulls unable to fill the gap and close below 9600 today, it will boost Bear's Strength. Important Critical support exists at 9380-9350 zone. Supporting Trend line placed in this zone. One close below 9380-9350 zone would trigger selloff in market as it would be confirmation of major trend reversal. Hence, keep strict stoploss around 9350 zone for long positions. Once this support breaks, exit long positions. Resistance 9600-9730 Supports 9380-9350. Regards, Suryadev Bandari Research Analyst www.earningwave.com

Staying Below 9400 Bearish for Nifty. Stay Alert.

Major trend reversal possible below 9400.  Bounce from 7500 to 9385 appears to be corrective in nature and Possible Triangle pattern as mentioned in Previous updates. Today it looks like that Wave e of Triangle pattern about to finish or finished already at 9375( day high). Here, we have two possibilities for nifty outlook. i). Failure to cross above 9400 resistance level implies that Triangle pattern in force and can take U-turn any time from current levels towards 8900-8800 positionally. ii). In case, Bulls succeed in breakout 9400 level implies that nifty can test 9600-9700 on upside Before taking U-turn. Hence, watch 9400 spot level and trade accordingly. Most preferred View: As per technical charts, a series of negative divergences at resistance levels indicating that most preferred view is triangle pattern about to complete its pattern and downtrend can resume soon. Keep 9450 as stop loss for short-selling positions for low-risk entry for targets 8900-8800 zone. O

Crucial supports held. Means, decent pull back rally t0 9350-9430????

Nifty faced resistance at 9300 levels as mentioned in the last update but bulls succeeded to hold crucial supporting trendline at 8900 levels around. By looking at the latest data, nifty can climb again to 9350 levels from current levels, provided 8900 support holds. Hence, avoid fresh short selling as Counter trend wave still in progress. Unless nifty breaks down 8800-8900 supporting trend line, short term trend remains UP. Pharma stocks and the Metal stock looks attractive at current levels. Selective stocks can be taken long positions for short term trading purposes. Resistance 9200-9350. Support 8900-8850-8800. Regards, Suryadev Bandari Research Analyst