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Bulls succeeded in breakout key resistance 11550 and heading for 11680-11700 zone.

 Bulls staged back and push nifty upward above 11550, even tested 11617 yesterday.

Today also it opened near yesterday's open level and heading higher.

One close above 11620 would strengthen bulls more powerful and short covering can lift index much higher levels.

Every dip is a buy opportunity.


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.