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Market awaiting for Moorat Trading.

Market reached resistance level and reversal halted due to Moorat Trading.

Till then sideways momentum to continue.
Distribution pattern happening at higher levels.
Traders avoid taking new long positions.

11555 first level to watch on downward and then 11480 very crucial trend deciding level.

Resistance 11700-11750 zone.

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.