If yesterday's low is held, which is 61.8% of the entire raise from the 18-Jun low to the high made on 19-Oct, then I am expecting a 50% retracement till 17472. On the upside the 16900 - 17150 might pose some resistance.
Trade closed: target reached
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Target achieved
Comment
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I think NIFTY is trying to achieve the 1.27% of the fall from 13-Dec to 21-Dec which is at 17986, It may extend to 1.618% also. Need to wait and see. I am out of all trades. I may be wrong but will wait for the right setup.