Earning Wave

 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

 Today , I am showing nifty weekly chart, as per chart shown, nifty near to its major resistance trend line. Elliott wave wise, nifty at the ending level of 5th Wave of larger degree.  That makes nifty vulnerable to correction at any point of time. Upside resistance placed at 12780-12900 zone.  Yesterday nifty achieved nearly 12780 resistance level. So we can expect correction any moment. Moreover, Diwali and Muhurat trading also tomorrow so most probably, upward journey nearing to end. Technical parameters too over bought and Negative Divergences formed. Investors protect profits and book profits as far as possible.  Keep watch 12430 zone carefully, once that support breaks, Bears take control. Regards, Suryadev Bandari Research Analyst www.earningwave.com

#Nifty #Elliottwave #Earningwave 11770 support broken. 11670 is last hope for Bulls in short term. Once it breakdown, gates opens for selling pressure. Be alert on long positions. https://t.co/xK2inUMoeM

 As expected in last update, nifty corrected sharply from 11960 to 11660 levels. From there, it bounced back as counter trend move. Inner wave counts suggesting that, this bounce is only counter trend bounce as minor waves are overlapping on each other.  By considering other classical technical indicators, markets can face heavy selling pressure at current levels once nifty break below 11820 spot level. Yesterday it closed below 11900 level, giving hint of Bulls exhaustion. Avoid taking fresh long positions. Traders can initiate fresh short sell position below 11820-11800 zone. This Bearish view can negate if nifty surpass 12025 spot level. As long as nifty do not break out upside, this view holds right. Markets breadth also not favoring bullish view. Resistance 12025 Support 11870-11820. Regards, Suryadev Bandari Research Analyst www.earningwave.com

 Nifty cmp 11990. day high 12022. Day low 11968. as of 9.56 a.m As shown in chart, nifty at final stages of trend maturity. Probable reversal zone is at 11850-11800 but it over thrown a bit above 12000, common characteristic in Ending Diagonal pattern. Very soon nifty can witness profit booking. Hence, as far as possible book profits in long positions or atleast keep strict stoploss to long positions. As per the chart pattern, deeper correction ahead in coming sessions. Key levels to watch 11900 below bearish confirmation.  Resistance placed between 12040-12080 zone. Regards, Suryadev Bandari Research Analyst www.earningwave.com  

 After continuous rally of 9 days, nifty formed Doji  pattern at top. At same range nifty took reversal in previous also. Hence, traders preferred to book profits. Global markets too showing similar indications. Tomorrow, MPC committee to announce RBI CREDIT POLICY.  Banking stocks likely to witness profit booking for short term. Avoid fresh long positions. It's time to book profits in long positions. Technical indicators formed Negative Divergence in Indicators. It's time to stay ALERT.  KEEP STRICT STOPLOSS TO LONG POSITIONS. stock specific moves can be visible. As mentioned earlier, nifty can correct up to 11550-11440 zone in coming sessions. Regards, Suryadev Bandari Research Analyst www.earningwave.com