Nifty can retest 17169 before hitting the 18000 levels
Intraday & Short-term outlook of Nifty 50:
Nifty has completed motive wave (iii) at 17792.
Wave (iv) is forming and, it can have a common retracement of 38.2%.
The nifty trader can see the following targets:
Target 1: 17425
Target 2: 17270
Target 3: 17169
According to the rule of corrective wave, it remains under the channel.
And the impulsive wave can breakout the parallel channel.
If nifty breaks the parallel channel, we have to accept the impulse atmosphere.
Nifty has completed motive wave (iii) at 17792.
Wave (iv) is forming and, it can have a common retracement of 38.2%.
The nifty trader can see the following targets:
Target 1: 17425
Target 2: 17270
Target 3: 17169
According to the rule of corrective wave, it remains under the channel.
And the impulsive wave can breakout the parallel channel.
If nifty breaks the parallel channel, we have to accept the impulse atmosphere.
Trade closed: target reached:
Nifty has touched the target of 17425. Safe traders can book full profit here.
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