ankit3000
Long

Nifty - Finally the Much awaited correction arrives.

NSE:NIFTY   Nifty 50 Index
Everybody was expecting a correction since nifty crossed 9500 but market reacts when nobody expects :). This time it was not an exception as well. Markets taking a steep correction.

Nifty currently taking support at 61.8% Fib Level 9720. One can go long here at CMP 9745 with SL below psychological level 9700 with a target of retest to 10100.
Comment: Stiff resistance at 61.8% Fib level.
More power only after sustaining above 9880.

Recommend to short here with SAR stop @ 9910 at closing base
Comment: Nifty Hit the SL and came down :(

Stay long as it is hovering around 38.2% Fib Level.
Stop loss is 20 points lesser than today's low 9775.

Sharp pullback is expected
Comment: Rally arrived as expected. 10100-10120 is stiff resistance zone.
Book profit once it reaches the level.
More bull run only if it sustains above 10120
Trade closed: target reached

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