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NIfty struggling to move up. Trend favoring Bears.



From past week, nifty moving in range bound between 11800-11625.
Breakout from this range in necessary to move forward. 
Technically, Series of Negative Divergences and Selling mode in Monthly, Weekly and Daily charts indicating that nifty upside is limited and downside movement is imminent from current levels. Conversely, Gold breaking out key resistances and making higher levels each day. 
Bears get strength below 11670 and next downward target for nifty would be 11600-11595 zone.
Every bounce is a short selling opportunity at current levels.
Regards,
Suryadev Bandari
Research Analyst

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Market in Bear control

NIfty moved exactly as forecast in last update.
Yesterday Bulls failed to hold 10850 support level and nifty closed well below that level.
Today, In opening also Bulls failed to hold opening gap up.
Most preffered wave count suggesting that IRREGULAR TRIANGLE completed and Impulsive down move has started. Next downside level to watch is 10750.
Market in Sell on Rise Mode.
10875 first resistance and 10975 strong resistance.
Minor support 10750.
Regards,
Suryadev Bandari
Research Analyst
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Exhaustion gap formed. Bulls strength eroded???.

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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.
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Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com