Earning Wave

As expected in last update, Nifty took support around 11900 and rebounded yesterday above 12000 level. Bulls succeeded to close nifty above 12050 resistance zone. Today it marked new all time high. This upmove to continue further with short covering rally and fresh long positions. 12250-12300 next upward levels to watch for. Regards, suryadev bandari research Analyst www.earningwave.com

Nifty bounced from key support zone 11920-11900. Now it crossed first resistance zone 11966, and heading towards higher levels. Above 12035, short covering rally can take nifty new higher levels. Avoid fresh short selling in market. continue long postions as long as nifty holds 11800 support. Regards, Suryadev Bandari Research Analyst

Nifty currently trading near Support zone. 11900-11920. Key support exists at 11860-11840-11800 zone. Bulls can regain strength and take nifty upward towards 12035 any time from current levels. Create Long positions with 11820-11800 zone as stoploss for higher targets 12100-12150 in coming days. regards, Suryadev bandari research analyst

Finally, Bulls gain strength and successfully held 11800 level and even crossed 12000 level. Now as long as nifty holds 11900, upmove continues towards 12100-12120 zone. Buy on Dips mode. Short covering rally comes above 12035 level, Avoid fresh short selling. Short sellers need to wait till 11800 support breaks. Untill then keep building long positions with strict stoploss orders. Resistance 12100-12120. support 11900-11800. Regards, Suryadev Bandari Research Analyst

Nifty trading above key support levels.  As long as nifty trades above 11850-11800, bounce is possible from current levels towards 12000+. Buy on Dips mode. Metals, Auto and Pharma sectors looks bullish today. Regards, Suryadev Bandari Research Analyst

Bulls succeeded to hold critical support zone 11850-11800. Banknifty too reached to support zone. Today both indices can bounce from current zone as upside pattern not yet completed and one upmove is due.  Buy on Dips mode. Regards,  Suryadev Bandari Research Analyst.

Nifty after testing 12034 spot, faced selling pressure on Friday, Formed Evening Star Formation, which is normally a Bearish indication. To confirm Bearish trend, nifty needs close below 11850-11800 zone. As long as this support zone holds, Bulls likely to bounce back and take nifty above 12000 levels again. Pattern wise, nifty still trading above its supporting trend line. Unless this support trendline breaks, trend deemed to be Bullish , Buy on Dips mode. Closing is crucial for trend confirmation. Close below 11800 spot, Bearish. Close above 11900 Bullish for short term point of View. Elliottwave Point of View, One more bounce to 12100-12250+ is due to complete the pattern. Regards, Suryadev Bandari Research Analyst

Finally, Bulls got strength around 11850 zone and bounced back to 11981 level and breakout. Now 11850-11800 acts as support zone and resistance moved higher toward 12100+ level. Hence, market in Buy on Dips mode. Avoid building Agressive Short Sell positions and initiate fresh long positions as long as nifty holds 11850-11800 support zone. Regards, Suryadev Bandari Research Analyst www.earningwave.com

Nifty updated Wave Count indicating that nifty is at important juncture. At present, nifty in process of completing larger degree wave 3. 11945-11981 crucial resistance level to watch this week. There is two possible scenarios here.     i) 11945-11981 acts as stiff resistance and prices moves down to break 11700, which is very crucial supporting trendline for Bulls, below which Bears get strength.     ii) if bulls got enough steam, prices moves above 11945-11981 resistance zone, above which next upside target level is 12300. On Technical indicators point of View, Monthly charts in Negative Divergence and in Sell Mode, Weekly charts too in negative divergence and at crucial trend deciding zone. Daily and Hourly time frame indicating overbought zone. Hence, Watch 11945-11981 resistance levels On Monday and trade accordingly. Regards, Suryadev Bandari Research Analyst www.earningwave.com