Yes, markets run very big after starting its journey from Nifty 5118 because of elections. Now, charts are showing overbought situation. Nifty needs a correction. But, what about new major bull wave?
In the long term charts the bottom of bull wave may be Nifty 4535 and its confirmation was after it crossed 6335. Yes.
Then, expecting Fibonacci re-tracement, the targets for Nifty will be 7447 (1.618%), 8135 (2%) and 9247(2.618%).
Based on short term swings the nifty targets will be 8453.
Considering both the opinions nifty may retrace from 8135 or 8453.
If we assume the final target for I wave in new bull wave Nifty 9247, lower levels for the medium term correction should be up to 7100-6800.
So, expecting a cautious view at 8135-8453 levels..
This is not exactly on technical theories, because I may not know all the technical theories... It is my view on Nifty.
If we see nifty at 7000 before it reached 9250 then we may happily go for delivery based investments targeting higher levels. So next week nifty has to be in green.
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