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Bulls likely to step in to lift nifty upward.

On Friday Bulls held important support zone 11000-11050 and closed at 11073.
In last 3 trading days, nifty corrected from 11341 to 11026 with low volumes, appears to be minor profit booking.
Monday nifty likely to trade in the range of 10950-11250 range.
As per Technical Indicators, Buy on Dips mode.
Stoploss for long positions keep below 10900. As long as this support holds, nifty tries to move up towards 11400-11500 zone.
Avoid aggressive short selling.
Move above 11150 would strengthen Bulls.
Move below 10900 would strengthen Bears.
Monday's price momentum crucial to decide next week's direction.
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.