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Nifty near its 200DMA. Will it hold this support or Breaks down???


NIfty closed slightly below its 200dma(11135) at 1126. We can say that 200dma support has breached. Need to watch today's price action to get more clarity on direction.
Next crucial level to watch today is at 11060, where 61.8% retracement exists.
Bears get more active on breaking this support.
Hence, 11060-11135 range is crucial support zone for Bulls to stage a rebound. Once this support breaks, then panic selling likely to emerge in Market.
Technical Indicators in clearly in Selling Mode. Hence, high probability favoring to breaking down this support zone.
Many individual stocks too breaking supporting trendlines.
Keep strict stoploss to long positions.
Resistance 11235-11250-11300.
Support 11060-10950.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com

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NIfty moved exactly as forecast in last update.
Yesterday Bulls failed to hold 10850 support level and nifty closed well below that level.
Today, In opening also Bulls failed to hold opening gap up.
Most preffered wave count suggesting that IRREGULAR TRIANGLE completed and Impulsive down move has started. Next downside level to watch is 10750.
Market in Sell on Rise Mode.
10875 first resistance and 10975 strong resistance.
Minor support 10750.
Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com