Nifty opened gap down and traded almost in a closed range taking support from the zone that was shared by me earlier as part of today's analysis ... The move of Nifty from the level of 11408 to 11294 is an impulse (Wave A) ... It appears that, it has been followed by a triangular corrective pattern (Wave B) as marked on the chart .... The next pattern (Wave C) that needs to unfold is likely to be an impulse in the same direction as that of the previous impulse (Wave A) ... Hence my view on Nifty for tomorrow is bearish ... Likely to open gap down and in case it does, next support zone as marked on the chart is at levels of 11240 and the current support zone of 11300 will act as resistance.
Note - Views expressed by me are purely personal and meant for educational purpose only ... Same may not be used for trading instruments
Note - Views expressed by me are purely personal and meant for educational purpose only ... Same may not be used for trading instruments