Current euphoric market will not accept any such kind of view now. That is market I know. That is the psychology of the market. I am not telling that market will fall. But I am expecting an inevitable healthy correction in the market, there is nothing wrong in that. And as an analyst I am least bothered about being wrong, if today I am wrong I will learn & ascend from my mistakes.. and not worried about any flag names.
So what I mean to say is, there is a time price square in nifty and there are chances for nifty to find a top here, we already have a candle on top, in that case, if nifty comes below (9150_ 9110 _9075 & then) 9060 then the correction can lead to a minimum 8740 ie: a 38% retrace of the current up swing.
There was many questions to jump in to short trade, that should not be the approach, first confirm the subject analysis, "the time price square" is true or falls or valid, then see the break point. Things must be go step by step. Have patience please and bear with me.
Here we go for the daily and weekly levels
Nifty above 9172 can find 9190 & 9245
Below 9150 can find 9110 & 9075 break of 9060 will see 8700.
Weekly nifty targets up 9280 if trend is down 9000
BN above 21205 can go to 21254 & 21380
Below 21145 may go down to21050 & 20970
Weekly BN up side 21555 and if down 20650.
Monthly view doesn’t have any change.