MunjaalRaval
Short

Nifty set for correction !!!

NSE:NIFTY   Nifty 50 Index
Nifty is currently trading near multiple resistance zone which consist of Upper band of rising channel , 100% extension of its previous rally from recent bottom, Broadening pattern formation near multi pivot zone. Now, that we know the index has got good probability to nose dive lets find out target for the same. First support falls around 9280 levels which is 38.2% Fibonacci retracement level and also the target of broadening pattern. However, looking at bigger picture suggests nifty may correct till 9000 which is confluence zone formed by lower band of rising channel , 50% Fibonacci retracement of recent up move and also previous resistance which will now act as support. Why 50% and not 61.8% ? Because if you notice, nifty had corrected 50% of its previous up move before making new lifetime high.
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