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As long as nifty stays above 11850-11800, bullish trend continues.

Nifty trading above key support levels. 
As long as nifty trades above 11850-11800, bounce is possible from current levels towards 12000+.
Buy on Dips mode.
Metals, Auto and Pharma sectors looks bullish today.
Regards,
Suryadev Bandari
Research Analyst

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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 www.earningwave.com

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