Nifty 50 analysis for 17 Sep

Sep 16, 2020

Nifty today opened flat and rallied to 11600 levels, giving minor pullbacks in between ... On closer analysis of the wave patterns, it appears that Wave B of the correction is far from over ... Nifty by closing appears to have taken resistance at 11620 levels ... Next immediate resistance would be 11670-11680 levels and same has been marked on chart ... For tomorrow/ day after tomorrow, expecting a minor correction as part of lower degree wave (b) of higher degree Wave B ... Support zones have been marked on chart.. However not expecting the correction to go beyond 11470-11460 levels ... Considering past few expiry days, expecting more of sideways movement towards bearish side ... The view stands negated if Nifty manages to break resistance zone of 11670-11680.
Note - Views are personal and meant for educational purpose only, not for trading any instrument