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nifty trading near support level. Bulls can resume upmove anytime from here.

Nifty currently trading near Support zone. 11900-11920.
Key support exists at 11860-11840-11800 zone.
Bulls can regain strength and take nifty upward towards 12035 any time from current levels.
Create Long positions with 11820-11800 zone as stoploss for higher targets 12100-12150 in coming days.
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.