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Bulls Stepped in and lifted nifty. More ahead.

 As expected in last update, Bulls lifted nifty higher from gap area 14500-14630 zone and now trading at 14800 above.

key level to watch out here is 14880 spot.

Once nifty cross this resistance level, we can see more higher levels ahead.

Key supports remain at 14500-14400 zone.

Avoid short selling and build long positions.

Pharma and Banking looks hot.


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.