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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 Tuesday, 24-04-2018

nifty

Testing of Patience. Three DOJI's in a row. A rare combination that too at resistance zone. More dangerous to Bulls. Yesterday's DOJI called "HIGH WAVE CANDLE" once formed its next candle makes directional breakout/breakdown. Technically, at current levels, BULLS n BEARS in EQUILIBRIAM state. Means Bull strength and Bear strength even at current levels. To breakout resistance zone, Bulls need more power than Bears, but as per equilibrium state, Bulls lacking that strength. That indicating that In BEAR zone, bears have upper hand over Bulls. Yesterday's HIGH and LOW plays important role today. In simple words, whichever way market breakouts, moves in that direction more swiftly. Hence, watch , 10638/10553 keenly, breakout or breakdown happens today with swift moves. Be prepare for that. On breaking 10475 we get clear trend reversal confirmation. Fresh trades advisable after getting confirmation on next direction. Till then protect long positions by stoploss order. We have 3 days to FNO settlement. Hence, volatility to rise from current levels.
BANKNIFTY leading nifty downwards, Yesterday, banknifty formed HOMING PEGEION formation, which is bearish nature. Banknifty breached key support, next key level to watch 24540. Other sectoral indices except IT, moved in flat trend from past few days. One trigger can drag market downside.So we can see reversal action in almost all sectors. IT index likely to face profit booking at higher levels. Today's market action would be more specific to give next indication for next direction.
Nifty has key support at 10553-10475 zone. Banknifty key support at 24540. On the upside, Nifty has stiff resistance at 10630. Banknifty resistance at 25400.
Technically "SELL ON RISE MARKET". Utilize every bounce to exit long positions. Avoid fresh investments.
Crucial Support for Nifty 10475-10360-10230. Banknifty 24940-24600.
Crucial Resistance for Nifty 10600-10630. Banknifty 25400.
"SELL ON RALLY MARKET"

NIFTY UPDATE Monday, 23-04-2018

nifty

Technically, nifty formed 4 top reversal formations in a row at resistance level means, nifty near top and any time trend reversal can happen by steep fall. In Technical indicators, support levels broken in advance to price chart, hence we can witness break down of lower support at 10509-10495 today in price chart. Once nifty firmly closes below 10495, then we can witness steep fall in coming session. We entered into last week of FNO settlement. Hence, volatility to rise from current levels.
On Friday, Bank Nifty firmly closed below key support level 24969. Actually Banknifty leading nifty downwards. Next key level to watch 24530. Below this more fall can possible in Banknifty index. Other sectoral indices Metals, Pharma, Auto and Midcap50, Small cap indices halted at resistance zone and formed top reversal formations from past few days. So we can see reversal action in almost all sectors. IT index likely to face profit booking at higher levels. Today's market action would be more specific to give next indication for next direction.
Nifty has key support at 10495-10475 zone. Banknifty key support at 24530. On the upside, Nifty has stiff resistance at 10600-10630. Banknifty resistance at 25400. upside is limited and downside risk is huge. Hence, Its wise to book profits in long positions wherever possible. Avoid fresh long positions. Major indicators in Negative Divergence so in Sell mode. Key support to watch 10475. Below that we get 100% price confirmation of major trend reversal. All round profit booking can emerge at current levels as majority of stocks trading at key resistance zones. Hence, its vulnerable level to trend reversal. Negative divergence should drag nifty downward. 10630 acting as stiff resistance zone. 10495-10475 as key level to watch. Once Nifty trades below this 10475 zone, then we can expect free fall in Nifty till 10360.
Technically "SELL ON RISE MARKET". Utilize every bounce to exit long positions. Avoid fresh investments.
Crucial Support for Nifty 10475-10360-10230. Banknifty 24940-24600.
Crucial Resistance for Nifty 10600-10630. Banknifty 25400.
"SELL ON RALLY MARKET"

NIFTY UPDATE Friday, 20-04-2018

nifty

Technically, nifty formed Hanging Man patter, Bearish Engulfing pattern and DOJI. Three reversal pattern formations in a row at resistance zone means, nifty near top and any time trend reversal can happen by steep fall. Technical indicators too suggesting that Bulls are in Bear zone and any time we can witness sharp fall in prices. Bank Nifty too converging with nifty pattern. In fact, Bank nifty more weaker than Nifty and dragging nifty down. Other sectoral indices Metals and IT indices halted at resistance zone so we can see reversal action in Metals and IT stocks today. Midcap and smallcap indices traded in flat note and these sectors too can trade in negative mode today. Last day in Week so market action would be more specific to give weekly close meaningful indication for next week direction.
Nifty has key support at 10495-10475 zone. Banknifty key support at 25050. Below this 24850. On the upside, Nifty has stiff resistance at 10600-10630. Banknifty resistance at 25400. Nifty and Bank Nifty both indices reversing from 50% retracement levels, so this reversal can be treated as valid. Technicals Favorable to Bears. Hence, upside is limited and downside risk is huge. Hence, Its wise to book profits in long positions wherever possible. Avoid fresh long positions. Major indicators in Negative Divergence so in Sell mode. Key support to watch 10475. Below that we get 100% price confirmation of major trend reversal. Major sectoral indices trading flat at resistance zones. All round profit booking can emerge at current levels as majority of stocks trading at key resistance zones. Hence, its vulnerable level to trend reversal. Negative divergence should drag nifty downward. 10630 acting as stiff resistance zone. 10475-10360 as key level to watch. Once Nifty trades below this 10475 zone, then we can expect free fall in Nifty till 10360.
Technically "SELL ON RISE MARKET". Utilize every bounce to exit long positions. Avoid fresh investments.
Crucial Support for Nifty 10475-10360-10230. Banknifty 24940-24600.
Crucial Resistance for Nifty 10600-10630. Banknifty 25400.
"SELL ON RALLY MARKET"

NIFTY UPDATE Thursday, 19-04-2018

nifty

After a long 9 sessions gains, market took a breather by closing negative due to selling pressure at higher resistance level. As expecting from past few days, finally nift formed bearish engulfing pattern after a HANGING MAN pattern, so we got trend reversal confirmation. Next key support level to watch today is 10475. Once nifty close below this support level, we get 100% trend reversal confirmation in price charts. Banknifty too breached 25300 support and fall steeply to 25062. Now banknifty has to break 24940 support level today to get 100% trend reversal confirmation. In other words, yesterday banknifty dragged nifty down. Below 24940, banknfity next support at 24600. MIDCAP50 and SMALLCAP indices too formed top reversal formations two days in a row. Hence, today mostly we can witness all round selling pressure in market. On the upside 10630 is strong resistance for Nifty and 25400 strong resistance for Banknifty. Nifty and Bank Nifty both indices reversing from 50% retracement levels, so this reversal can be valid. Technicals Favorable to Bears. Hence, upside is limited and downside risk is huge. Hence, Its wise to book profits in long positions wherever possible. Avoid fresh long positions. Major indicators in Negative Divergence so in Sell mode. Key support to watch 10475. Below that we get 100% price confirmation of major trend reversal. Major sectoral indices trading flat at resistance zones. All round profit booking can emerge at current levels as majority of stocks trading at key resistance zones. Hence, its vulnerable level to trend reversal. Negative divergence should drag nifty downward. 10630 acting as stiff resistance zone. 10475-10360 as key level to watch. Once Nifty trades below this 10475 zone, then we can expect free fall in Nifty till 10360.
Technically "SELL ON RISE MARKET". Utilize every bounce to exit long positions. Avoid fresh investments.
Crucial Support for Nifty 10475-10360-10230. Banknifty 24940-24600.
Crucial Resistance for Nifty 10560-10630. Banknifty 25400.
"SELL ON RALLY MARKET"

NIFTY UPDATE Wednusday, 18-04-2018

nifty

As expected, Yesterday, Nifty opened higher at 50% retracement level and faced selling pressure there, tested day low at 10496, closed near opening level. In daily Charts, Hanging Man pattern formed. Favorable to Bears. But to get trend reversal confirmation, today lower opening and lower closing below yesterday's low is must. In case, nifty opens higher then it can test nearest resistance zone 10630. Hence, By today's opening, we get some clue on next direction. Its important to know that 10400-10560-10630 are three important levels, nifty reverses one of these levels. Hence, upside is limited and downside risk is huge. Hence, Its wise to book profits in long positions wherever possible. Avoid fresh long positions. Major indicators in Negative Divergence so in Sell mode. Key support to watch 10475. Below that we get price confirmation of major trend reversal. Major sectoral indices trading flat at resistance zones. All round profit booking can emerge at current levels as majority of stocks trading at key resistance zones. Hence, its vulnerable level to trend reversal. Negative divergence should drag nifty downward. 10560-10630 acting as stiff resistance zone. 10475-10360 as key level to watch. Once Nifty trades below this 10475 zone, then we can expect free fall in Nifty till 10360. Investors better to unwind long positions partially at current levels as downside risk is heavy at current levels. All necessary criteria achieved to say that a-b-c pattern almost completed and any time trend reversal to downside may begin.
Market in crucial zone. almost at 50% retracement zone in nifty as well as banknifty. Now its vulnerable to fall. "SELL ON RISE MARKET". Utilize every bounce to exit long positions. Avoid fresh investments.
Crucial Support for Nifty 10475-10360-10230. Banknifty 24850-24500.
Crucial Resistance for Nifty 10560-10630. Banknifty 25400.
"SELL ON RALLY MARKET"

NIFTY UPDATE Tuesday, 17-04-2018

nifty

Yesterday, nifty opened gap down at support zone and bounced back from lower levels. Negated Friday's Doji pattern. Formed Bullish Candle yesterday. To negate this bullish candle, One top reversal formation needed at 50% retracement zone between 10560-10630. Hence, any one of Dark Cloud cover/shooting star/Bearish Engulping/Harami pattern possible to form today. On the whole, nifty trading near 50% retracement zone, so vulnerable to major reversal. Around 10630 Strong resistance existed, nifty failed few times earlier at this zone. Major indicators in Negative Divergence so in Sell mode. One top reversal formation needed today to get conifirmation of trend reversal. Key support to watch 10400-10356 and below that we get price confirmation of major trend reversal. Major sectoral indices trading flat at resistance zones. All round profit booking can emerge at current levels as majority of stocks trading at key resistance zones. Hence, its vulnerable level to trend reversal. Negative divergence should drag nifty downward. 10560-10630 acting as stiff resistance zone. 10400-10375 as key level to watch. Once Nifty trades below this 10360-370 zone, then we can expect free fall in Nifty till 10230. Investors better to unwind long positions partially at current levels as downside risk is heavy at current levels. All necessary criteria achieved to say that a-b-c pattern almost completed and any time trend reversal to downside may begin.
Market in crucial zone. almost at 50% retracement zone in nifty as well as banknifty. Now its vulnerable to fall. "SELL ON RISE MARKET". Utilize every bounce to exit long positions. Avoid fresh investments.
Crucial Support for Nifty 10400-10360-10230. Banknifty 24850-24500.
Crucial Resistance for Nifty 10560-10630. Banknifty 25400.
"SELL ON RALLY MARKET"


"Money always comes to knowledge. Without Knowlege, money is worthless."--WILLIAM DELBERT GANN