Earning Wave

As per the latest data update, Entire fall from 15430 to today's low 14550 is corrective pattern only. Today Nifty showing bullish divergence in indicators suggesting that corrective pattern ended and trend reversed to upward again.  Buy on Dips . Avoid fresh short sell.  Cover shorts, if any. Build long positions. Regards, Suryadev Bandari Research Analyst.

 As expected in last update, Nifty took support around 14700 and Impulsive upmove has begun. cmp 15160. First hurdle to cross 15170.  Above 15170, massive short covering lifts nifty more higher levels towards 2nd hurdle 15340. Regards, Suryadev Bandari Research Analyst

Wave 3 bounce is due in nifty. move above 15170 would confirm it.

 

As expected in last update, Nifty moved upward from 15220 to 15400 zone  From 15430 level, minor corrective pattern has begun and it completed yesterday at 15170. Double correction pattern, zigzag and Flat pattern.  Moreover, Nifty tested lower gap between 15245 to 15185 zone. This gap held as crucial support on closing basis. Now Nifty heading towards 15450-15500 zone. Major trend up. Initiate fresh long positions for higher levels 15500+. Keep stoploss at 15040 for long positions. Regards, Suryadev Bandari Research Analyst www.earningwave.com

Nifty has two possible scenarios open as of now. impulsive wave has begun from 13600 is unfolding in larger degree in which, i). Minor corrective wave done from 15257 to 14978. Now next leg of rally started from 14978 and heading for 15400-15500 zone. ii). Minor corrective wave still under progress and Nifty can retest 14978 -15000 zone again and from there bounce back to 15400.  Levels to watch for clear signal for trend. Watch 15257 breakout for resume of uptrend towards 15400-15500. Watch 14978 on lower side to resume of corrective wave which can restest anywhere between 14850 to 14550 zone. Hence watch for range breakout and trade accordingly. Regards, Suryadev Bandari Research Analyst. www.earningwave.com

 Nifty achieved our projected target range 15077-15265.  High made 15257 and took reversal from there yesterday. Now its time to test support zone before making another upside attempt. Hence, Book profits in long positions once, as there is also one possibility for major trend reversal( not confirmed yet). keep booking profits wherever possible. Next support zone is at 14860-14680 zone. Regards, Suryadev Bandari Research Analyst