It's been a long time I have posted on Nifty. As I have been mentioning in my posts about the start of Bull Run; Nifty has breached all the barriers to conclude the Start of Bull Market. Currently Nifty is at crucial juncture. After forming a Doji Star on Weekly Chart last week, Nifty tested 8645 and started declining today. Nifty has strong Resistance near 8655 and there is Negative Divergence on RSI. All of these are indications of a possible Decline in Nifty in near term future.
Currently Supports are at 8475, 8370, 8287. Correction in Wave (II) of 3 shall ideally not go beyond 8287. If Bulls manage to protect 8287 Nifty may resume its Uptrend. Assuming it's an Extended 3rd Wave, (III) of 3 may take Nifty to New High near 9500.
Currently we need to watch price action near 8655 and 8287 carefully to determine future course of action. Until Nifty stays above 8287 I would like to stick to this Wave Count. I will look for any other Count only in case Bulls fail to protect 8287.
Currently we need to Book Partial Profit and wait for Correction to get over. Once this Correction gets over Nifty will be ready to Scale New Highs. On a Larger Scale once Nifty breaks and sustains above 8655 on weekly closing basis it might be ready to go to 10,500 till 1st Quarter of 2017. It's a Mother of Bull Market and has Long Way to go.
Thanks & Regards,