Good Morning Guys! From 27th Dec to 12th Jan, Nifty gave a marvelous impulsive upmove, and Timewave booked 375 points of profit. Now we are short from 8400 level, and Nifty will remain down till 18th Jan Wednesday. This is a retracement move of the impulsive upmove. Targets are 8320 and 8298 New short positions can be taken at 8400 level.
It is been observed that price action makes a strong support levels at 460 levels where it jumped back price action and formed a descending triangle. Now, it has confirmed a breakout from the triangle indicating further bullishness. It shall move forward to 500 levels as per the measuement of triangle rules. Target: 500 Stoploss: 475