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Bulls gain strength and successfully above 12000 level. Rally continues..


Finally, Bulls gain strength and successfully held 11800 level and even crossed 12000 level.
Now as long as nifty holds 11900, upmove continues towards 12100-12120 zone.
Buy on Dips mode.
Short covering rally comes above 12035 level,
Avoid fresh short selling.
Short sellers need to wait till 11800 support breaks.
Untill then keep building long positions with strict stoploss orders.
Resistance 12100-12120.
support 11900-11800.
Regards,
Suryadev Bandari
Research Analyst


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 After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions.  As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700.  Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst