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Technical Indicators Back to Sell mode.

Nifty formed Bearish Engulfing pattern in daily charts and today in bearish continuation pattern.
Banknifty yesterday formed Doji near 200dma and today it formed Evening star formation.
Both indicating that short term bounce has ended yesterday and down move to continue from hereon.
10900 in nifty crucial for bulls.
Keep strict stoploss to long positions.
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.