Nifty Daily Analysis (15 Min Nifty spot Chart): CMP Nifty Spot – 5232.70
· As I mentioned in the 13 April Analysis, Nifty is in the C wave. C wave will 5 wave internal structures.
· So, In the C wave have made the 1 wave target @5183.65 and complete day spend in making the 2 wave correction in the upper side. And I suspect this will be the end of 2 wave.
· Why 2 wave completed – as 1) We have did the abc Flat correction. 2) 2 Wave retrace 38% of 1 wave. 3) Flat correction is in the proper channel and currently Price is reached the resistance of the channel.
· If tomorrow market opens and cross the resistance of 5235 then wave 2 will have different target. But I feel chances are less as the above reason.
· Tomorrow is the Tuesday – a Big day usually heavy movement and it is important day as Monetary policy announcement. So it is expecting the down rally if market open below 5160 as we will going to complete the 3 wave tomorrow.
· Let us see tomorrow and watch. Happy learning!!!
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