Nifty is in critical juncture of end of 5th Elliott wave both in short term and long term (since March). With lots of positivity in BNFS and stimulus and FII pumping in money, chances are the corrections will be delayed. However it is bound to happen.
So in this duality, the white lines provide correction starting from 12963 itself, and the other Elliott wave lines provides correction after 13K.
Either ways, if we follow the Fib-retracement lines for support and resistance, can do significantly disciplined scalping in Nifty indices.
Nifty above 12964 has capacity to reach 13500s. There are couple of resistances including 13106 and other option strike price level resistances.
Further below 12964, levels include 12770 and 12654, can consider 10-15 pts error margin and initiate and end positions at these levels.
So in this duality, the white lines provide correction starting from 12963 itself, and the other Elliott wave lines provides correction after 13K.
Either ways, if we follow the Fib-retracement lines for support and resistance, can do significantly disciplined scalping in Nifty indices.
Nifty above 12964 has capacity to reach 13500s. There are couple of resistances including 13106 and other option strike price level resistances.
Further below 12964, levels include 12770 and 12654, can consider 10-15 pts error margin and initiate and end positions at these levels.
Comment:
Also important to keep in mind the trend zone. If it breaks upward, nice buying can be seen, similar phenomena happened in Nifty metals few days ago