Earning Wave

 nifty cmp 14744. Friday, nifty tested 14352 low and from there it bounced back to day high at 14787. This 435 points rally consists of only 3 inner waves. If this is impulsive up move, we shall see one more up move above 14784   14860 and then 14970. If nifty slips below 14640, its a warning signal that, up move attempt failed and nifty to move lower than 14352.  Key Points to consider: 1. Hourly charts indicating that on Friday Bulls strongly close above resistance level 14708.  Immediate support comes at 14668. 2. Daily charts, Strong Resistance face at 14995. Immediate Support at 14680. 3, Weekly Charts showing that some kind of profit booking is happening at higher levels,  Weekly key resistance at 14973, Support at 14350 then 14010. Except short term  moving averages, Medium and Long  term Moving averages are strong and up momentum intact. Hence watch 14973 On upside and 14350 on Downside , to get to know what actually market wants to go. He...

Nifty cmp 13824.  Nifty retraced 61.8% of previous wave.  Nifty has gap area at 13811-13775 zone, this can acts as support zone. Most probably market fall can stop here and fresh upmove can start from here. Most of the stocks also at finishing stage of wave 4 correction, impulsive wave can begin soon in high beta stocks. Be stock specific. Levels to watch: Move above 14000 positive indication for Bulls. Move above 14230 bullish confirmation. Bears active move below 13600. Regards, Suryadev Bandari Research Analyst. www.earningwave.com

 Nifty in process of finishing  Running Flat pattern or already finished on Friday itself. Running flat support at 14300-14270 zone.  On completion, Impulsive Wave in Upside begins with a bang which can lift nifty towards 14800+ levels in coming sessions, Majority of Stocks mostly in process of corrective patterns.  on looking at various technical indicators and price patterns, a-b-c running flat pattern is most valid wave count and any time soon market rebound to higher levels. Majority of high beta stocks, index stocks are at the ending levels of corrective pattern. Hence, we can see decent and sharp rally to new highs in coming sessions. Be stock specific. Banknifty too in corrective pattern and can witness major buying interest in coming sessions. Regards, Suryadev Bandari Research Analyst www.earningwave.com

 Nifty major trend still upwards. Every dip is being bought into. As I mentioned before, every 100-150 point fall can be utilize to create fresh long positions for short term trading purpose. Nifty resistance trendline at 14300-14400 for short term. Nifty can achieve this target positionally. Stock specific moves likely to continue. Be stock specific in entering long positions. Avoid short selling for awhile. Go with the main trend. Banking sector looks bullish and pharma to join soon. Regards, Suryadev Bandari Research Analyst www.earningwave.com

 Nifty cooled off bit from over bought zone and took support near 13130 and bounced back. Nifty successfully breakout 13500 level and now heading towards 14000+ levels positionally. Recent dip was a good buying opportunity for traders to enter new long positions. Fall was corrective nature and impulsive bounce is due. many of stocks witnessed minor correction and upmove is due and its started. Pharma and banking stocks looks good for short term long trades. Support 13130-13000. Upside targets 13900-14000. Regards, Suryadev Bandari Research Analyst www.earningwave.com

 Nifty, as forecasted before, sustained 13400 support and move past 13600 level. Every dip being bought into. Majority of stocks still showing some kind of up move left. Bulls are very resilient at higher levels. In this kind of scenario, trader should follow trend with proper stop-loss orders. Going against trend is fatal to capital. Unless we get strong confirmation of trend reversal, one should avoid short selling ideas. Keep booking profits wherever possible at least partial.  For the short term point of view, some bounce can be expected in Banking, metals, pharma and IT sectors in coming sessions. Be stock specific trading.  Crucial supports at 13535-13500. as long as nifty trade above this level, it can bounce back to 13800+. Regards, Suryadev Bandari Research  Analyst www.earningwave.com

 Nifty completed Ending diagonal pattern yesterday and immediately taken U turn from all time High 13145.85. As we know that After an Ending Diagonal pattern there would be swift reversal , exactly that's what happened yesterday.  Surprisingly, all major sectoral indices breached crucial supports at closing time and closed below it. This is indicating that, for the time being, nifty entered into correction phase. Immediate down side targets for nifty would be 12760 and then 12530. Resistance remained at 13145. US Dowjones too formed similar pattern yesterday. It seems that, global market too getting inline for correction phase. Be alert on holding long positions. Any close below 12600 would drag nifty to more downside. Its better to book long positions at least partial profit booking. As today fno Settlement, we can see more volatility or panic moves in market.  trade with strict stoploss. regards, Suryadev Bandari Research Analyst www.earningwave.com

 Yesterday nifty and sensex both formed Bearish Belt hold like pattern at higher levels.  Indicating that Bulls possibly exhausted at current levels (cmp 12845). High made Yesterday 12934. Now, Impulsive move has ended, we can expect corrective pattern from hereon. Next important levels to watch in nifty are 12750. and 12550.  Technically, negative divergences formed in almost all major degree charts. Hence, its time to book profits in long positions, not to initiate fresh long positions. Regards, Suryadev Bandari Research Analyst www.earningwave.com

Date : 7th October, 2020 Time: 4.50 a.m Nifty cmp 11662. Nifty rebounded from 11185 to 11677 in recent swing. Minor wave iii appears to be done and minor wave iv correction pending up to anywhere between 11481-11421 range.  Kindly note that, this is minor correction in the Major uptrend. Hence, short term traders book profits in long positions. As 200-250 points correction expecting in nifty in near term , from there again uptrend resumes. For the couple of days, market to trade weak and face profit booking in select stocks.  Investors need not worry as this is only minor correction. Market rebounds after minor correction.   Stock specific action can be seen. Regards, Suryadev Bandari Research Analyst www.earningwave.com    

As forecasted, nifty rebounded from lows 10820 to 11375 (cmp). It crossed crucial resistance 11255 too. Next important levels to watchout are 11400-440 zone. Those who bought at lower levels can book profits comfortably here. Regards, Suryadev Bandari Research Analyst.