0.618 retracement from recent channel resistance 8806 to recent channel support 8541 comes near 8704 which again is Gap. Expecting a quick upside move with the first target at near 8700.
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As expected strong upward retracement came. Although I was expecting it from 8540 level to 8700 it came from 8520 to 8680. Previously 8680 - 8700 was active support level. It will be interesting to see how NIFTY reacts tomorrow. i am expecting some retracement pull back tomorrow.
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Down retracement came. Now final leg will try to touch the trend line somewhere near 8720 tomorrow.