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Minor Flat pattern completed today. Cover shorts. Bull run to resume.

 NIfty completed minor wave in flat pattern as shown in chart below,

Bulls to resume their move from hereon, which can take nifty above 16000 levels.

Avoid fresh shorting. Build fresh long positions with stoploss below 15500.

Metals, FMCG, IT can lift nifty upwards.

Resistance 16070-16220.

Support 15500-550.

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