Nifty 50 analysis for 13 Oct

12 Okt 2020

Nifty opened gap up and attained a day high of 12022, which is 161.8% projection of Wave (1) marked on chart ... Hence assuming that Wave (3) is complete and accordingly its correction continued for the entire day .. Wave (a) of the correction is an impulse and appears to be complete ... Moreover, since Wave (2) was more of a flat correction hence expecting Wave (4) to be of zig zag family .. Accordingly if Nifty opens flat, expecting it to rally up as part of Wave (b) till 1100 hrs ... Resistance zone would be 11970 -11955 and has been marked on chart .. Post which Wave (c) should unfold as an impulse .. Support zones would be 11830-11810 and 11755-11735, as marked on chart.