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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.
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