NIFTY ANALYSIS

Nifty has opened with a gap down today and reached 50% of the retracement of 5973-6415. This is also supported by channel in Hour chart and Trendline in Day Charts. Weekly channel has supports upto 6155-60 - Week 10SMA.

Below 5185-5170 - The Bearish Wolfe wave will show its' dominance.

As per Hour charts a Reciprocal ABCD pattern is formed which Holding 6170-6150  - would give a bounce to the fall from 6415 - 6185.

23.60%	38.20%	44.70%	50.00%	61.80%	70.70%	78.60%
6239.28	6272.86	6287.81	6300.00	6327.14	6347.61	6365.78

NIFTY ANALYSIS

Monthly Chart:

Break of 5950 levels and weekly close below it would bring down Nifty to the CHANNEL support