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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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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.