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Nifty in consolidation mode. Any time profit booking can intensify.

Nifty tested 12100 yesterday but today due to lack of follow up buying, it facing selling pressure at higher levels and failed to sustain above 12100 level. This is indication of bulls exhaustion. 12000 spot level is crucial support for Bulls to move upwards, In case, nifty breaches 12000 spot level then we may see lower levels of 11950-11900 from current levels. Technical indicators not supporting upward momentum. Hence, Long holders be alert. Book profits wherever possible.
Majority of Sectoral indices in selling mood.
Suryadev Bandari
Research Analyst

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Exhaustion gap formed. Bulls strength eroded???.

Nifty bounced back strongly on back of Major news announcement of Cut in Corporate Tax on Friday. Today nifty retraced 61.8% of entire fall. As of Now, wave 2 in finishing stages.  More possibility for Wave 3 down to begin any time soon. Hence, Be cautious. Its time to reduce long positions. Profit booking time. From current levels, nifty likely to retest 11000 levels anytime. Short term top made. New highs may not be possible from here. Keep booking profits in long positions. Wave 3 Impulsive Down move can begin any time. Regards, Suryadev Bandari Research Analyst

Nifty broken down from Ending diagonal pattern. Major trend reversal below 11850 spot.