As expected, Nifty moved towards upper resistance 8900-9200 zone from 8100 level.

As per the last update, nifty exactly bounced back from lower levels 8100 levels to upper resistance zone 8900-9200 zone.
Triangle formation can complete anywhere between 9100-9350 zone.
After the Triangle pattern, Major trend resumes which is Downtrend. 
Hence, Traders and Investors who bought long positions at lower levels around 8100 level, book profits fully at current levels 9070.(CMP at the time of writing this update).
Pharma and Banking stocks witnessed decent pullback rally. Book full profits in them.

Nifty can take U-turn and can resume downtrend anytime from here. 

Avoid building fresh long positions. 
Bears can strike again at 9100-9350 zone.
trade accordingly.


Suryadev Bandari
Research Analyst

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