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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. 


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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