Nifty opened mild gap down on Friday at 7170 and declined till 7145 but bounced again from lower levels to register day’s high of 7226 before closing 19 points up at 7210.
Friday I mentioned that Nifty is in the middle of a wave. Either we can sell in 7284-7291 range or we can buy around 7117 for target above 7224. Nifty didn’t achieve any of the entry range, though achieved target 7224. Let’s analyze latest charts to conclude further scenario.
Today I am showing wave counts of Nifty from Sep 2012 low 5118 as read my all time frame report for previous counts. This is the same weekly chart with explanation which I posted in my Friday’s report as there is no change in it.