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Bulls exhaustiing at higher levels. Beware of long positions.

Nifty bounced from 11614 to 12171 appears to be counter trend move.
Second leg of selloff can begin any time from current levels, which can brakedown supports taken before.
On higher side, nifty likely to face resistance between 12170*12220 zone.
On lower side, Bears takes charge below 12056 levels.
Avoid building fresh long positions at this jucture.
wherever possible, book profits in Long positions.
This sharp pull back rally can fade out soon.
No major cues for Bulls in the short term.
Bears likely to take charge once nifty drift below 12056 spot level.
Distribution pattern on going on higher side.
Keep strict stoploss to long positions.

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.