Price appears to have completed a five-wave decline, which is likely forming Wave A of a larger corrective structure after the prior uptrend. The decline terminated near the ₹1750–1780 demand zone, where buying interest emerged.
From an Elliott Wave perspective, the market may now enter Wave B, a counter-trend rebound.
Target Prices: 1977 – 2023
Invalidation: Sustained move above the recent high
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