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Expanding Flat pattern at the ending process. Bulls can stage back and lift nifty upward.

 Previously nifty expected pattern was Running Flat pattern.

By updated data, it appears like Expanding flat pattern in which, a and b waves are completed and wave c of corrective pattern either completed or about to complete its formation.

Once wave c of corrective pattern ends, we can witness sharp bounce back.

Long term indicators suggesting Bullish outcome this month.

Support 14150-14350.

Resistance/Targets 14800+


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

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