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Bull regained strength as expected. Short Covering Rally due???

Nifty bounced from key support zone 11920-11900.
Now it crossed first resistance zone 11966, and heading towards higher levels.
Above 12035, short covering rally can take nifty new higher levels.
Avoid fresh short selling in market.
continue long postions as long as nifty holds 11800 support.
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.