padiyara

Nifty can fall to 7982

Short
NSE:NIFTY   Nifty 50 Index
2
A 38 % retrace of the current down swing
(from8250.8 to 8056.85 is approx 194 point is an impulse)
was expected up to 8136 yesterday.
But it went up to 62 % made a top 8176 formed an abc
looks like a probable Zigzag corrective pattern.
if correct it can find a target 7982.
Comment: Nifty bounced back from the first support level,didn't come down to 7980level, as my count was wrong.
Here I don't want justify any thing by blaming market conditions, external forces or Global cue etc.That is how the market is, with many probabilities,it can change the foam & direction.
One Alternate view is suggesting a target 8355, but I am not able to prepare a chart, as I am not at my dusk, using a handy device now. See you again.
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