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Is NSE INDIGO Preparing For New High?

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Free nse indigo chart calls

Free nse indigo chart calls

Timeframe: Daily

After making a low of 1512, NSE INDIGO has accomplished the corrective wave and started constructing impulsive waves. I labeled it ABC, but levels will be updated after confirmation.

The price is currently forming impulsive wave C, where it has reached 100% Fibonacci extension of the previous move. The 50 and 100 EMAs are showing a bullish atmosphere. However, Indigo has faced a strong supply from wave B, and a breakout of wave B will signal a bullish move.

If the price sustains above wave (3), traders can buy for the following targets: 2120 – 2160 – 2240.

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