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Nifty completed counter trend move . Now heading towards gap level 11625-11595.

Nifty completed counter trend move. As expected market waited for Union Budget and resumed its downward move. Now nifty heading towards gap made on Exit polls day.
Next downside target would be 11625-11595.
Regards,
Suryadev Bandari
Research Analyst


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 After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions.  As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700.  Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst