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61.8% retracement done in Nifty. 13811-13775 gap area acts as support. Markets can bounce.

Nifty cmp 13824. 

Nifty retraced 61.8% of previous wave. 

Nifty has gap area at 13811-13775 zone, this can acts as support zone.

Most probably market fall can stop here and fresh upmove can start from here.

Most of the stocks also at finishing stage of wave 4 correction, impulsive wave can begin soon in high beta stocks.

Be stock specific.

Levels to watch:

Move above 14000 positive indication for Bulls.

Move above 14230 bullish confirmation.

Bears active move below 13600.


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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