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Crucial Support at 11850-11800 range. Above this Bulls in charge.

Nifty after testing 12034 spot, faced selling pressure on Friday, Formed Evening Star Formation, which is normally a Bearish indication. To confirm Bearish trend, nifty needs close below 11850-11800 zone.
As long as this support zone holds, Bulls likely to bounce back and take nifty above 12000 levels again.
Pattern wise, nifty still trading above its supporting trend line. Unless this support trendline breaks, trend deemed to be Bullish , Buy on Dips mode.
Closing is crucial for trend confirmation. Close below 11800 spot, Bearish. Close above 11900 Bullish for short term point of View.
Elliottwave Point of View, One more bounce to 12100-12250+ is due to complete the pattern.
Suryadev Bandari
Research Analyst


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NIfty moved exactly as forecast in last update.
Yesterday Bulls failed to hold 10850 support level and nifty closed well below that level.
Today, In opening also Bulls failed to hold opening gap up.
Most preffered wave count suggesting that IRREGULAR TRIANGLE completed and Impulsive down move has started. Next downside level to watch is 10750.
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10875 first resistance and 10975 strong resistance.
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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.
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