Earning Wave

 Nifty cmp 11863.  Keep booking profits in long positions. Market can take U turn and face selling pressure any time soon.  Nifty and Banknifty both showing over bought and pattern indicating maturity of short term impulsive wave. so any time soon we see selling pressure. traders can book profits in long positions. regards, suryadev bandari research analyst www.earningwave.com

Date : 7th October, 2020 Time: 4.50 a.m Nifty cmp 11662. Nifty rebounded from 11185 to 11677 in recent swing. Minor wave iii appears to be done and minor wave iv correction pending up to anywhere between 11481-11421 range.  Kindly note that, this is minor correction in the Major uptrend. Hence, short term traders book profits in long positions. As 200-250 points correction expecting in nifty in near term , from there again uptrend resumes. For the couple of days, market to trade weak and face profit booking in select stocks.  Investors need not worry as this is only minor correction. Market rebounds after minor correction.   Stock specific action can be seen. Regards, Suryadev Bandari Research Analyst www.earningwave.com    

As forecasted, nifty rebounded from lows 10820 to 11375 (cmp). It crossed crucial resistance 11255 too. Next important levels to watchout are 11400-440 zone. Those who bought at lower levels can book profits comfortably here. Regards, Suryadev Bandari Research Analyst.

 Nifty corrected from 11797 to 10791 nearly 1000 points, in a-b-c pattern as shown in the chart below. In Elliott Wave principle, after an A-B-C pattern, impulsive wave begins. In this case, wave 4 ended as a-b-c form and Wave 5 larger degree about to commence which can take nifty to new highs.  Investors  no need to worry about this correction as next coming direction is upward and takes nifty to new highs. Hence, investors and traders can initiate fresh long position for 11400-11800 in coming days. nifty corrected more and out of channel line, today we get confirmation of upmove once nifty again bounce back to channel line move above 10950- would be first confirmation of upmove. Keep an eye on 10950 level.  short sellers cover shorts and go long. regards, Suryadev Bandari Research Analyst www.earningwave.com

 Nifty corrected from 11800 to 11085 today. Wave 3 begun from  approx 8800 to 11800. Recent correction done 23.8% retracement of wave 3 done.  From here on , nice and decent upward move likely to begin towards new highs. Its time to fresh investment for long term investors. Traders can initiate fresh long positions with strict stoploss below 10900.  Regards, Suryadev Bandari Research Analyst

 Bulls staged back and push nifty upward above 11550, even tested 11617 yesterday. Today also it opened near yesterday's open level and heading higher. One close above 11620 would strengthen bulls more powerful and short covering can lift index much higher levels. Every dip is a buy opportunity. Regards, Suryadev Bandari Research Analyst

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