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Nifty n Banknifty retraced 61.8% . Bulls can step in.

Nifty n Banknifty both retraced 61.8% previous Bounce. 
Possibility for Bulls action today keeping above Yesterday low 14280. 

Sustain above 14580 level is important for uptrend. 
Regards,
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 www.earningwave.com

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