As I had shared in yesterday's post, Nifty was forming lower degree wave (b) of higher degree Wave B and as per fib retracement, correction didn't appear complete then .. Hence was excepting a bearish day ... However, Nifty opened gap up, which in itself was a trap ... Distribution continued till second half n then expected down move happened ...Wave (b) has given a 23.6% retracement, which is acceptable, however 38.2% or lower would have been ideal .. My view on Nifty as of now is bullish, however would keep a close eye on Monday as Nifty may (repeat may) test 11420 levels, post which the bull run is expected to continue ... Near term support and resistance has been marked on chart
Note - Views are personal and meant for educational purpose only, not for trading any instrument