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Nifty retested Breakout level 11250 and now heading towards 11400+

Yesterday Nifty successfully breakout range resistance 11250 and closed above 11300.
It clearly indicating that nifty wants to move higher levels.
Today, it retested yesterday's breakout level 11250 and now poised to move higher above 11400+.
Avoid short selling. Every dip being bought.
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

Nifty broken down from Ending diagonal pattern. Major trend reversal below 11850 spot.