Earning Wave

RBI MPC committee maintained status quo on interest rates.  Nifty to resume uptrend from here toward 11200+ Keep stoplossbelow 11050 spot. Regards,  Suryadev Bandari Research Analyst

On Friday Bulls held important support zone 11000-11050 and closed at 11073. In last 3 trading days, nifty corrected from 11341 to 11026 with low volumes, appears to be minor profit booking. Monday nifty likely to trade in the range of 10950-11250 range. As per Technical Indicators, Buy on Dips mode. Stoploss for long positions keep below 10900. As long as this support holds, nifty tries to move up towards 11400-11500 zone. Avoid aggressive short selling. Move above 11150 would strengthen Bulls. Move below 10900 would strengthen Bears. Monday's price momentum crucial to decide next week's direction. Regards, Suryadev Bandari Research Analyst

Yesterday Nifty successfully breakout range resistance 11250 and closed above 11300. It clearly indicating that nifty wants to move higher levels. Today, it retested yesterday's breakout level 11250 and now poised to move higher above 11400+. Avoid short selling. Every dip being bought. Regards, Suryadev Bandari Research Analyst. www.earningwave.com

Yesterday, 22-07-2020, nifty opened higher and faced profit booking till 11052 zone. There Bulls entered again to held that support. from there, we see continuous rally again today. Yesterday's low not tested again and moved above 11200 level. It looks like yesterday's pattern as a-b-c corrective pattern. Hence one more impulse wave due from here with 5 inner waves, which can take nifty higher to 11300+ level. avoid short selling untill nifty give clear trend reversal signal in price chart. Till then follow the trend, i.e ., up trend. regards, Suryadev Bandari Research Analyst

Bounce from 7500 to till 11150 almost completed as counter trend move. From here, we can expect major trend reversal, which is down  trend, can resume any time soon. Long term investors, short term investors book profits at least 30% to 50% and stay in cash. High beta stocks now likely to drag nifty down. Bank nifty too witnessing weakness at higher level. Nifty need to break 10930 support to get clear trend reversal confirmation. Resistance 1150-11180. Support 10930-10950, regards, Suryadev Bandari Research Analyst www.earningwave.com