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Nifty near support zone. 10500-10600. Minor pull back rally can begin anytime.

Nifty witnessed huge gap down opening today.
Sudden fall in Crude prices and Global market selloff are major reasons for this.
For the short term point of view, nifty trading near important support zone 10500-10600.
On Upside nifty facing resistance 10800-11000 zone.
Hence, Avoid aggressive short selling.
Markets already oversold and any time technical pull back rally possible from current levels.
Options data suggesting that,  10500 strong support for today. This level may not be break.
Long positions can be initiated for intraday bounce, keep stoploss below 10480-10460 levels.
Banknifty options data suggesting that 26500-26600 strong support zone.

Avoid fresh short selling as long as nifty trades above 10500 spot level.
Regards,
Suryadev Bandari
Research Analyst

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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