Nifty : Looking for Rally ( B Wave) to reverse from 8171 to 8203

Based on Fib extensions and the major hurdle at the extension levels. Will look for an Outside Day with a Rapid expansion which is Swiftly reversed in these levels indicating rejection. Short will make sense only on seeing such a price action.Don' t expect in the next two days as Option traders will maintain a very tight leash on the market making price movement very restricted and boring till 3:00 PM on Thursday.

Apart from the Fib Zone this level has been a bit of an hump for Nifty to cross in the past.

Order cancelled:

The conditions are met and Nifty passed through this level without any rejection.