Earning Wave

After breaking 16800 support, Bulls lost opportunity to move higher. Nifty fell sharply towards 16200.  Now, next crucial level for Bulls at 16100-16000. If this zone breaks, selling pressure can intensify. Avoid fresh longs.  Avoid average.  As far as possible, try to reduce long positions. Stay in cash at least 50%  Regards,  Suryadev Bandari Research Analyst

Bulls again failed to hold 16800-850 support range  Global factors dominating market sentiment.  Avoid fresh longs until this selling pressure ends.  Preserve capital. Regards, Suryadev Bandari Research Analyst.

 Yesterday due to RBI rate hike, markets faced sudden selloff and broken key support zone 16850-800 zone. Made day low at 16625. Last night Fed too raised interest rates by 50 basis points. Fed indicated that ongoing rate hikes would not be harsh and markets welcomed that dovish comments. US markets rallied after that and moved up as per my forecast. Today our markets too regained again support levels and trading above 16900 zone. Can be say this as fresh rally has begun?? May be this is too early to say but we can say that, there is no more deep downward pressure. Markets can stabilize here and head for breakout of 17220-17440 resistance zone. Only above 17440, we can say that, fresh rally has begun. Till then buy on dip market with stoploss below 16800-750. zone. Regards, suryadev bandari research analyst

 

 Nifty cmp 17171.95 On Friday, Global markets Bleed more than 2.5%  Even SGX NIFTY displaying global sentiment. Apart from that, From the Elliott Wave Perspective, Under current trend is Bullish as recent selloff from 17414 to 17171 is part of Wave ii correction pattern. which can extend till 17080. From there Bullish impulse wave iii upward can begin. Stoploss or Pattern invalidation point is move below 16820 spot level. As long as this level holds, Bullish outlook intact. Regards, Suryadev Bandari Research Analyst www.earningwave.com      

  #NIFTY50 CMP 17484.  Successfully surpassed critical resistance level by gap up opening.  Now in Buy on Dip mode.  On higher side next resistances are at 17640/17795.  supports at 17280-250 zone. Stock specific moves in action. Regards Suryadev Bandari Research Analyst     http:// earningwave.com #Elliottwave #Earningwave #suryadev