Earning Wave

 Nifty took support around 15900 zone last week and from there rallied towards 16600-16690 zone. Bulls exhausted at current levels and Bears can strike any time soon. Traders must observe that this is not a regular rally, in my view, this is part of bear market rally which has short life span. In Bear market rallies comes fast and fizzle out faster. As per  Elliottwave perspective, next level of correction coming soon which can break recent support 15700 and head lower. avoid fresh long positions, its time to book profits wherever possible and stay lite. invest only 30-40% portfolio and remain in cash. Macro economic fundamental data can dominate markets for time being which is negative. regards, Suryadev Bandari Research Analyst

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