In the Nifty chart, we can see that the Index was rejected multiple times along the trendline drawn and finally managed to give a breakthrough above the trendline. Now, this resistance trendline is likely to act as a support trendline. On Elliot wave analysis, the up move is currently at wave five, and we can expect a correction that will re-test the trendline. The Index should test the support zone (17650 levels) and resume its upward rally.
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Booked decent profits on the short side. Markets may recover from tomorrow and rally upside.
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Beautiful rally, as predicted. Again some hindrance at the resistance zone. Soon this resistance will be broken.