Earning Wave

From recent dip to 11186, nifty rebounded as expected and surpassed 2 key resistance levels, 11350 and 11440. Friday closed above resistance. Now its heading for 11550 levels. Every dip is a buying opportunity. Regards,  Suryadev Bandari Research Analyst

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 Nifty cmp 11235. 09-09-2020 10:10 AM. As shown in chart, Preffered wave counts suggesting that Nifty corrected from 11790 to 11209 as part of triangle formation as Wave 4.  Most probably Wave 5 bounce has to begin from current levels towards new all time highs possibly till this Diwaali. Hence, traders can initiate fresh long positions in Banking stocks and beaten down stocks for this Diwali. This view hold right, as long as nifty trades above 11150 spot.  Up move confirms once, nifty surpass 11350 spot. Regards, Suryadev Bandari Research Analyst

RBI MPC committee maintained status quo on interest rates.  Nifty to resume uptrend from here toward 11200+ Keep stoplossbelow 11050 spot. Regards,  Suryadev Bandari Research Analyst

On Friday Bulls held important support zone 11000-11050 and closed at 11073. In last 3 trading days, nifty corrected from 11341 to 11026 with low volumes, appears to be minor profit booking. Monday nifty likely to trade in the range of 10950-11250 range. As per Technical Indicators, Buy on Dips mode. Stoploss for long positions keep below 10900. As long as this support holds, nifty tries to move up towards 11400-11500 zone. Avoid aggressive short selling. Move above 11150 would strengthen Bulls. Move below 10900 would strengthen Bears. Monday's price momentum crucial to decide next week's direction. Regards, Suryadev Bandari Research Analyst

Yesterday Nifty successfully breakout range resistance 11250 and closed above 11300. It clearly indicating that nifty wants to move higher levels. Today, it retested yesterday's breakout level 11250 and now poised to move higher above 11400+. Avoid short selling. Every dip being bought. Regards, Suryadev Bandari Research Analyst. www.earningwave.com