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Bullish Divergence in Hourly charts. Bulls can step in any time.

 Nifty formed Bullish divergence in Hourly charts.

Weekly basis too nifty tested crucial supports again and getting ready for bounce back.

Bulls can step in any time now and lift market towards 14500-14550 zone.

Support at day low 14190-14050. 

Regards,

Suryadev Bandari

Research Analyst

www.earningwave.com



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 After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions.  As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700.  Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst