Based on today's move, have changed wave numbering of the correction as shown on chart ... Wave C of the correction appears to be unfolding ... Resistance and support zone of 11300-11310 and 11155-11140 respectively, has been marked on chart ... If Nifty manages to break the resistance and sustain above it, an upside rally can be expected till 11420 .. However, if Nifty breaks the support zone, bmaye cautious as correction go deeper till levels of 10900 levels.
Comment:
Be cautious, Nifty has been lingering on support zone since morning .. keep an eye for breakout to lower levels .. appears to be forming a triangular correction ... downward impulse followed by triangular correction, in all likelihood shall be followed by another downward impulse