Earning Wave

 Nifty achieved my projected targets 13900 and 14000 level.  Enjoy profits. 2020 witnessed huge volatility in markets and finally closing at year high levels. Expecting 2021 would also starts with good new high levels in market. Be stock specific.  Happy trading. Farewell to 2020. Regards, Suryadev Bandari Research Analyst www.earningwave.com

 Nifty cooled off bit from over bought zone and took support near 13130 and bounced back. Nifty successfully breakout 13500 level and now heading towards 14000+ levels positionally. Recent dip was a good buying opportunity for traders to enter new long positions. Fall was corrective nature and impulsive bounce is due. many of stocks witnessed minor correction and upmove is due and its started. Pharma and banking stocks looks good for short term long trades. Support 13130-13000. Upside targets 13900-14000. Regards, Suryadev Bandari Research Analyst www.earningwave.com

 Nifty, as forecasted before, sustained 13400 support and move past 13600 level. Every dip being bought into. Majority of stocks still showing some kind of up move left. Bulls are very resilient at higher levels. In this kind of scenario, trader should follow trend with proper stop-loss orders. Going against trend is fatal to capital. Unless we get strong confirmation of trend reversal, one should avoid short selling ideas. Keep booking profits wherever possible at least partial.  For the short term point of view, some bounce can be expected in Banking, metals, pharma and IT sectors in coming sessions. Be stock specific trading.  Crucial supports at 13535-13500. as long as nifty trade above this level, it can bounce back to 13800+. Regards, Suryadev Bandari Research  Analyst www.earningwave.com

 Nifty after testing new high yesterday, today facing minor profit booking. Currently, nifty took support at minor support zone 13380-13400 in the opening hour. Bulls holding short term support zone means, we can expect pull back rally to 13500 above from here. Upside trendline resistance at 13580-13600. This trendline slopping upward so resistance level can increase more day after day. Keep strict stop-loss to long positions below 13380 spot. for higher targets. Unless nifty close below crucial support 13200, avoid short selling. Regards, Suryadev Bandari Research Analyst. www.earningwave.com

 Nifty completed Ending diagonal pattern yesterday and immediately taken U turn from all time High 13145.85. As we know that After an Ending Diagonal pattern there would be swift reversal , exactly that's what happened yesterday.  Surprisingly, all major sectoral indices breached crucial supports at closing time and closed below it. This is indicating that, for the time being, nifty entered into correction phase. Immediate down side targets for nifty would be 12760 and then 12530. Resistance remained at 13145. US Dowjones too formed similar pattern yesterday. It seems that, global market too getting inline for correction phase. Be alert on holding long positions. Any close below 12600 would drag nifty to more downside. Its better to book long positions at least partial profit booking. As today fno Settlement, we can see more volatility or panic moves in market.  trade with strict stoploss. regards, Suryadev Bandari Research Analyst www.earningwave.com

 Yesterday nifty and sensex both formed Bearish Belt hold like pattern at higher levels.  Indicating that Bulls possibly exhausted at current levels (cmp 12845). High made Yesterday 12934. Now, Impulsive move has ended, we can expect corrective pattern from hereon. Next important levels to watch in nifty are 12750. and 12550.  Technically, negative divergences formed in almost all major degree charts. Hence, its time to book profits in long positions, not to initiate fresh long positions. Regards, Suryadev Bandari Research Analyst www.earningwave.com

 Today , I am showing nifty weekly chart, as per chart shown, nifty near to its major resistance trend line. Elliott wave wise, nifty at the ending level of 5th Wave of larger degree.  That makes nifty vulnerable to correction at any point of time. Upside resistance placed at 12780-12900 zone.  Yesterday nifty achieved nearly 12780 resistance level. So we can expect correction any moment. Moreover, Diwali and Muhurat trading also tomorrow so most probably, upward journey nearing to end. Technical parameters too over bought and Negative Divergences formed. Investors protect profits and book profits as far as possible.  Keep watch 12430 zone carefully, once that support breaks, Bears take control. Regards, Suryadev Bandari Research Analyst www.earningwave.com