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Bulls are back....

Yesterday we witnessed steep fall due to geopolitical news effect. Markets corrected to 66%-78% retracements in indices.
As expected yesterday, today fresh upmove has begun. Bulls successfully opened with huge gap up.
Next upside resistance at 12173. Once bulls succeed to move above this level, huge short covering rally can take nifty much higher. Probably wave3 impulsive wave has begin, we can witness more gaps up moves on upside. Buy on Dips mode.
Technically oversold, avoid short selling.
Technical indicators back to buy mode.
Support 11900-12000
Resistances 12175-12235.
Suryadev Bandari

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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

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