Nifty opened flat on Friday followed by mild decline till 7817 but bounced sharply by 90 points from lows in middle session followed by a range bound consolidation between 7880-7905. Nifty declined sharply again by 60 points in last 60 minutes of trade before closing 13 points up at 7856.
I my last report, I expected some decline till 7815 or 7798-7769 followed by a good bounce for upside targets of 7871-7961. Nifty declined till 7817 to complete a corrective wave followed by a sharp bounce of 90 to achieve our minimum target of 7871 whereas 7906 was high for the day. Let’s have fresh look at charts again.