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Bulls held 11052 support level, now trend looking strong towards 11300+ level.

Yesterday, 22-07-2020, nifty opened higher and faced profit booking till 11052 zone.
There Bulls entered again to held that support. from there, we see continuous rally again today.
Yesterday's low not tested again and moved above 11200 level.
It looks like yesterday's pattern as a-b-c corrective pattern. Hence one more impulse wave due from here with 5 inner waves, which can take nifty higher to 11300+ level.
avoid short selling untill nifty give clear trend reversal signal in price chart.
Till then follow the trend, i.e ., up trend.
Suryadev Bandari
Research Analyst

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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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