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Triangle pattern at the end. next target upside is 15000-15150 zone.

 NIfty formed Triangle pattern after testing 15050 yesterday. now that triangle pattern completed or about to complete. this can be low risk entry for fresh long positions. 

Important support at 14650-14550 zone.

once nifty moves above 14820 spot level, we more buying support from Bulls.


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.