Nifty had a sharp recovery from the low of 18345 towards 18500 + and has closed @ 18495.
An a,b,c seems to have completed @ 18345 - retracing approx 61.8% retracement of 18133 – 18886.
PRICE ACTION:
Above 18520 – levels to watch as per fibo retracement – of the fall from 18886 – 18345.
18550 – 38.2%
18615 – 50%
18670 – 61.8%
BELOW 1420 – and break of 18400 – nifty would be dragged towards 18300 levels.
SUPPORT AND RESISTANCE:
Nifty closed at 21 DMA @ 18495
10 DMA - 18639.
INTRADAY TRADE PLAN:
BUY ABOVE (BUY 18500 CAL) 18520 SL 15 MIN CLOSE BELOW 18500
SELL BELOW (BUY 18400 PUT) 18400 - SL 15 MIN CLOSE ABOVE 18425
