Today, Must be a tough day at office, we are going through a sharp correction but it is just way of the market. We should acclimatize with it.
Lets begin with analysis,
Assuming the Current price action, Nifty had formed Head and Shoulder pattern which suggests correction up to 16800 and If you consider ABC wave formation it shows completion at 16600. So these levels could be defining support in coming time.
previous price Support levels also suggests same.
We should expect price to take support consolidate in this region for coming week.
Suggestion:
To place straddle at 17000 or strangle between 17400 and 16650
Lets begin with analysis,
Assuming the Current price action, Nifty had formed Head and Shoulder pattern which suggests correction up to 16800 and If you consider ABC wave formation it shows completion at 16600. So these levels could be defining support in coming time.
previous price Support levels also suggests same.
We should expect price to take support consolidate in this region for coming week.
Suggestion:
To place straddle at 17000 or strangle between 17400 and 16650
