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EARNING WAVE

converting information into profits

Suryadev Bandari, Research Analyst, SEBI Regd. No: INH200004693

WHAT YOU GET HERE...

Trade recommendations based on
Technical Analysis and "The ELLIOTT WAVE PRINCIPLE"
from SEBI Registered Research Analyst.

Technical Analysis is applied social psychology. It aims to recognize trends and changes in crowd behavior in order to make intelligent trading decisions. We believe that by recognizing current Chart pattern and identifying balance of power between bulls and bears, we can anticipate next direction. we can convert this information into profits with minimum amount of risk.

Nifty update for 22nd February, 2018

FnO expiry

Bulls trying hard to hold key support level 10275 from past 3days. Infact, bulls succeeded in holding that support but not getting enough strength to surpass key resistance 10450. Unless they get surpass 10450, trend remains weak and 10275 is under threat. Hence, 10450-10275 range is now become crucial to decide next direction in Nifty. Either side breakout is necessary to see next direction. If Bulls get success in crossing 10450 level, then we can see 10600 again. Incase Bears get enought strength to breakdown 10275, then we are going to see free fall till 10142-10060 in short time.
Hence, Wait and watch till 10450-10275 range breakout.
Banknifty too in similar situation. Unless it breaks down 24815 spot, it can give one minor bounce to 25600. Once 24815 support level breaks, then free fall to 24600-24450 possible in short timespan. Hence 24815 is crucial support level. Global markets too showing selling pressure and moving downwards. Last night US markets witnessed selling pressure and this can continue further in coming days.
Be prepared for one more selloff in markets. Book profits in long positions and exit from long positions even if they are in small losses, as going forward, we may see deeper corrections. Hence , Use every bounce to reduce long positions. This is SELL ON RISE market. Every bounce faces selling pressure. Avoid taking fresh long positions. Bears controlling the market. Staying below 10275 drags nifty further to 10142-10020-10000. Do not get trapped by minor bounces. 10739-10687 Gap acts as stiff resistance. Keep an eye on 10275 level, once this level breaks, then nifty heads further downside. As today is FNO settlement, huge volatility possible in market. Avoid fresh investments.

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Nifty update for 21st February, 2018

Bulls again and again failed to sustain opening high levels and lossing key support levels one by one. First they lost 10860 and then 10600 and finally lost 10380. Every support becoming strong resistance once it breakdown. Same thing happening at 10400 level too. Now 10400 acting as stiff resistance and nifty heading towards 10275/10142. 10275 acts as LAXMAN REKHA for BULLS. Once nifty closes below this level, BEARS can drag nifty further towards 10020 level. Yesterday data shows that Midcap, Small Cap and other sectoral indices resuming their downtrend. Global markets too showing selling pressure and moving downwards. Last night US markets witnessed selling pressure on the news that FEDERAL RESEVE going to raise interest rates again in March meet. This would impact in asian markets too. As we are entered into Bear trend, every negative news acts as trigger to selloff in markets.
Investors and traders need not afraid of Bear market, as ups and downs are quite common in share market. One need to know what to do in bear market. Be prepared for it. Book profits in long positions and exit from long positions even if they are in small losses, as going forward, we may see deeper corrections. Hence , Use every bounce to reduce long positions. This is SELL ON RISE market. Every bounce faces selling pressure. Avoid taking fresh long positions. Bears controling market. Staying below 10275 drags nifty further to 10142-10020-10000. Do not get trapped by minor bounces. 10739-10687 Gap acts as stiff resistance. Keep an eye on 10275 level, once this level breaks, then nifty heads further downside. As tomorrow FNO settlement, huge volatility possible in market. Avoid fresh investments.

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Nifty update for 20th February, 2018

Finally Bears tighten their grip on market and nifty corrected till 10305 before closing at 10378. Intraday it broken down 10380 level and closed below it. Today key support to watch is 10275. Nifty needs to close below it to test 200 DMA i.e, around 10020-9920 zone. Hence 10275 is key level to watch today. As long as this level holds, bulls try to take nifty upward to 10600 zone again. 10275 acts as LAXMAN REKHA for BULLS. Once nifty closes below this level, BEARS can drag nifty further towards 10020 level. As mentioned in previous updates, Banknifty dragged nifty lower. Moreover, Midcap, Small Cap and other sectoral indices resuming their downtrend. Global markets too responding in negative hence, overall sentiment turned negative. US MARKET too showing similar pattern. Gold prices moving upward and getting ready to break out resistance zones. Putting all these indications together, Our markets getting ready to show one more selloff in coming sessions.
Bull and Bear phase is quite common in Stock market. Investors/traders witnessed Bull phase from 2008 to 2017 now its entering into Bear phase, Be prepared for it. Book profits in long positions and exit from long positions even if they are in small losses, as going forward, we may see deeper corrections. Hence , Use every bounce to reduce long positions. This is SELL ON RISE market. Every bounce faces selling pressure. Avoid taking fresh long positions. Bears controling market. Staying below 10275 drags nifty further to 10020-10000. Do not get trapped by minor bounces. 10739-10687 Gap acts as stiff resistance. Keep an eye on 10275 level, once this level breaks, then nifty heads further downside.

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Nifty update for 19th February, 2018

Friday, Bulls failed to take advantage of higher opening and due to lack of followup buying, nifty faced selling pressure and witnessed correction from 10607 to 10435 at closing. Its clearly indicating that traders giving more importance to book profit wherever possible thats why Every bounce facing selling pressure. On the whole, technically nifty charts showing that upmove trendline breached at 10481. Today key support to watch is 10381. below that we can see 10275 in nifty. As mentioned earlier, Banknifty leading nifty in downward. Banknifty chart pattern more weaker than Nifty chart pattern. Midcap, Small Cap and other sectoral indices charts showing that they completed counter trend move and ready for resuming downtrend. US MARKET too showing similar pattern. Gold prices moving upward and getting ready to break out resistance zones. Putting all these indications together, Our markets getting ready to show one more selloff in coming sessions.
Correction is INEVITABLE. Be prepared for it. Book profits in long positions and exit from long positions even if they are in small losses, as going forward, we may see deeper corrections. Hence , do not wait for more bounce to cover long positions. In downtrending market, traders have more advantage than investors. This is SELL ON RISE market. Every bounce faces short selling pressure. If you are not aware of short selling procedure, stay away from market. Avoid taking fresh long positions. Bears controling market. Staying below 10380 drags nifty further to 10275. Do not get trapped by minor bounces. 10739-10687 Gap acts as stiff resistance. Avoid taking fresh long positions and fresh investments. Keep an eye on 10275 level, once this level breaks, then nifty heads further downside.

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Disclaimer

All the contents of this site are only for general informational or use. They do not constitute advice and should not be relied upon in making (or refraining from making) any decision. The recommendations are based on the theory of Technical Analysis and do not reflect the fundamental validity of the Scrip. Visitors to the site and clients do accept & understand that Trading in the equity markets both in the cash and derivatives format is a risky business. They may lose some or all of their capital. They understand that advisory services require proper money management and psychology. They are taking the services of Earningwave.com or Suryadev Bandari as an educational mechanism and they shall solely be responsible for all trading and investment decisions taken by them.

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