Nifty is in wave 5 on downside correction. Either Nifty reverses from 10100 or from 9950 but bottom is in sight as Crude oil & USDINR both are now in correction mode. Markets are ignoring the correction in crude oil and trading with negative sentiment. Long Nifty @ 10200 for an ABC pattern on upside !! Look for lvls of 10700 - 11200 !!
Trade closed: target reached
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Nifty is now trading closer to 10600 with positive crude oil & USDINR sentiment. This could be the Wave A on upside ( 10600 - 10700 ) and a gapdown would establish wave B on downside. So Book Profits and wait for a gapdown !!
Trade active
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Wave A finished ! look for wave B -- 10300 targets .