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Bulls awaiting for Budget outcome.

Today Bulls awaiting for Budget presentation. 
Market already corrected aggressively. Ground preparing for good decent bounce back.

If anybody holding short positions or Put Options, cover them in intraday Dips. 

Overall pattern looks like correction at the ending stage and anytime pull back rally begins.

After Budget session, Bulls can strike back and take Nifty to higher levels.

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.