Earning Wave

 NIFTY cmp 15265. One leg of correction appears to be completed at  15180 zone. As per Elliottwave perspective, it appears that nifty likely to bounce to test/fill gap area 15900-16100 zone. Avoid short positions as long as nifty trades above 15200 zone. regards, suryadev bandari research Analyst

  #nifty cmp 15750. recent fall from 16784 to today's low 15735 appears to be corrective as inner waves are overlapping on each other. Hence, this can be probably wave b of flat pattern, wave c of flat can bounce towards 16400-600 zone. provided, nifty must hold 15730-700 zone on closing basis. Close below 15700 would mean that, more downside targets open in coming sessions. Hence, 15700 acts as laxman rekha for Bulls and Bears. regards,

In very short term point of view, Nifty can test 16500-520 zone as part of correction pattern.  There we have to check market reaction. Regards

Very short term point of view, intensity in Selling pressure is missing  This can be a indication that, someore upward left in market. Cover short positions until we get clear weakness. Regards,

Nifty continuing it's down move  Today it completed minor abc correction pattern from 16244 to 16394. Now 16150-16060 zone under risk. It can break down anytime soon. Protect longs with stoploss. Avoid fresh longs. Reduce long exposure. Regards,  Suryadev Bandari Research Analyst.

 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