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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.

Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com


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 After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions.  As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700.  Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst