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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.
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.