Hello and a warm welcome to this analysis on Nifty In lower time frame Nifty appears to be in sub wave 4 which might complete between 18200-18300 and then resume another rally. A confirmation of sub wave 4 done would be it sustaining above 18500 for an hour. Its advisable to use the up coming resistance around the upper trend line to book profits in the coming terminal waves. The view would be wrong if it starts breaking below 18200.
Can we trade this idea now?? Nifty is now moving in upward direction after touching a low of 18047. Thinking this idea can work now. Sir , what's your thoughts pls reply.
Dinesh_C_Nagpal
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@traderday72, Nifty has interim support at 18175 and a major support at 17900, but now upside has a lot of resistance lined up 18400 & 18550. So at this stage difficult to say if this is a reversal or just a bounce.