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Selloff to Continue further???




As expected nifty Opened gap down below crucial support level 10950 and entire day trading below that. This is indicating lack of buying interest in traders. 
Finally nifty closed near crucial weekly support level 10797.
On weekly scale, support exists at 10790. Today this level need to be watched.
Staying and trading below this 10790 level attracts fresh round of selling pressure.
Almost all sectors in selling mode. Markets in Sell on Rise mode. 
Until nifty moves above 11000, avoid taking fresh long positions.
Global markets too witnessing selling intensity. 
Resistance 10950.
Crucial support 10791.
Next level to watch 10730.
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