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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.
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.