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Nifty counter trend wave almost finished yesterday around 11600. Down trend to resume today.


Nifty completed one leg of down fall at around 11462 and from there bounced to 11600 yesterday. Bounce from 11462 to 11600  have a-b-c counter trend move and it has been finished or finish around 11635 -11640 zone. Impulsive down fall should begin from today towards gap level at 11425-11400. Hence, Avoid taking fresh long positions and traders can initiate positional short selling positions in selective stocks for Monday. Market in sell on Rally mode.
Declining stocks are more than Advancing stocks. Traders showed interest in exiting long positions in every bounce yesterday.
Resistance 11635-11640.
Support 11475-11425-11400.
Regards,
Suryadev Bandari
Research Analyst

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