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Bulls breaks 11981 resistance and heading towards 12100+ levels.

Bulls got strength around 11850 zone and bounced back to 11981 level and breakout.
Now 11850-11800 acts as support zone and resistance moved higher toward 12100+ level.
Hence, market in Buy on Dips mode.
Avoid building Agressive Short Sell positions and initiate fresh long positions as long as nifty holds 11850-11800 support 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.