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Market in Bear Grip. Beware of Long positions.

Nifty achieved all my previous targets as mentioned in last update even exceeded.
Now, Market in the hands Bears. As nifty broken important psychological Bulls support 12000 and trading continuously below that support,( cmp 11943), next downward targets would be 11900-11880 zone.
Avoid building fresh long positions at this juncture as we can see more selloff in market.
Technical indiacators such as MACD-Below Zero line and RSI below 50 line indicating further weakness to be continue some more time.
Elliottwave pattern also suggesting that more pain ahead.
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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