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NSE NIFTY: Marching Towards Pivot Zone

Free nse nifty chart calls

Free nse nifty chart calls

After completing corrective wave 4, Nifty has begun forming impulsive wave 5. Price couldn’t close above wave x at 18111 and end up losing the bull’s interest. After the completion of wave 5, we have seen a downward move of 803 points.

Nifty is moving towards its support level of 17182. It is also at 38.2% retracement level and low of wave 4. It is important to note that previous wave 4 causes the corrective structure to end at that point. If the price sustains above 17180, traders can buy for the following targets: 17496 – 17643+.

There was a return to the major parallel channel for the price. For bulls, this is not a good sign. If the price fails to hold this support, sellers will drive the price to the next support level 16800.

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