Earning Wave

Bulls failed to sustain above 11300 levels and brokendown 11200 support. Hence, exit long positions.

Nifty wave3 target approx 11265 achieved today. Day low 11270. From here, we can expect minor pull back rally in the form of wave 4 bounce possible today. Avoid fresh short selling. Bulls can step in at current levels and push market upward. Short sellers can  cover short sell positions as any time we may witness sharp short covering rally. Keep stoploss 11200 for long positions. Upward target can be 11370-11400. Initiate long positions with strict stoploss. Regards, Suryadev Bandari Research Analyst

Yesterday Bulls lost their crucial support zone 11740-11725 zone. In middle session Bulls tried hard to protect this zone by bouncing from lower levels to day higher level 11780 approx, but failed to sustain at higher levels due to Huge selling pressure. As I mentioned in last update, Bears are in stronger position over Bulls. High Beta stocks also failed to rally from support levels and lasting crucial supports one by one. 11740-11780 zone remains to be supply zone. Every Bounce attracts Selling pressure. Hence, Market in Sell on rally mode. Technical indicators showing that strong bearish trend in force, as RSI keep on trading below 40 level. MACD trading continuously below zero line. 11614-11550 zone is next downward targets for Bears. Do not try to catch a falling knife. Avoid building fresh long positions. Resistance 11740-11780-11800. Supports 11614-11550. Regards, Suryadev Bandari Research Analyst www.earningwave.com

Bears successfully broke down Bulls last hope  of 11900-11880 zone and close well below that zone. Now Bears have clear upper hand over Bulls. Next watchable downside level is at 11745-11725 zone. High Beta stocks started breaking key supports. Hence, some more days we may see this fall in market. Avoid building fresh long positions. Regards, Suryadev Bandari Research Analyst www.earningwave.com

As mentioned in last update, Bears successfully won the battle and closed nifty below important support zone on Thursday. Thursday itself  I mentioned that wait and watch tug of war and follow the winner. Bears won that battle, and today we all seeing its effect by opening huge gap down and trading at lower level since opening. Bears driving market, Bulls last hope is at 11908-11891 support zone. As per Elliottwave Perspective, that support zone is vulnerable to breakdown. Hence, Every bounce witnesses selling pressure from hereon. High beta stocks lossing ground. Eventually they can lead nifty downward. Avoid building new long positions. Resistance Placed at 12135-12150 zone. Support to watch 11908-11891. Regards, Suryadev Bandari Research Analyst www.earningwave.com

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Tug of war between Bulls and Bears for the region 12135-12100. Whoever wins the battle, leads the market. Below 12100, Bears strikes again. Trade above 12135-12150, Bulls leads. Wait and watch. Follow the winner. Regards, Suryadev Bandari Research Analyst www.earningwave.com