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Corrective Bounce nearing to end. Bears can take control on Market.

Bounce from 11614 to today's high 12244 appears like corrective wave pattern and in finishing stage.
It appears that Triangle or Double correction pattern.
Resistance placed at 12270 spot. On breaking down 12195 spot we will get confirmation of down trend resume towards 12100-12065 initially.
Hence, keep booking in long positions. Fresh short sell positions can initiate with strict stoploss above 12280 spot levels.
Technical indicators signalling for sharp correction ahead.
Trade with strict stoploss.
Trading range can be huge today.
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