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Bears still driving the market.

Bounce from yesterday's low to today's high 12118 is part of counter trend move.
Its visible that Bears still driving the market. Every bounce witnessing selling pressure.
Its little alternate wave number as today's bounce as wave iv minor bounce or Wave 2 of higher degree, but its surely counter trend move and Impulsive down move to resume from current levels.
Resistance placed above 12150 spot level.
Yesterday's low 11908 likely to get retest in coming sessions.
SELL on Rise Market.
In Bear phase, sharp pullbacks like today's bounce quite natural but they fail to sustain at higher levels. Close above  12150 spot, would open other alternatives views.
As long as nifty trades below 12150 spot, trend remains downwards.
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

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