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Critical support Held yesterday. Bounce possible today.

Bulls succeeded to hold critical support zone 11850-11800. Banknifty too reached to support zone. Today both indices can bounce from current zone as upside pattern not yet completed and one upmove is due. 
Buy on Dips mode.
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

Nifty broken down from Ending diagonal pattern. Major trend reversal below 11850 spot.