Now take a look at this pic posted on 20th july here. Where projected 5th wave was @ 5220 and 5540 aggressive targets. From lesser time frame chart we projected top 5165 which represents macro level 5220 I feel. Now the big Q is can it show the aggressive target on nifty projected. Yes it can. But exact levels will be obtained from smaller time frame chart which can be little different with macro view posted on July. Say 5400-5450!!!
Support: 5050 hold the key as discussed. Shorting above that zone wont be that much of a prudent thing to do as it did yesterday also. Below that some intra weak can set in which can make it move towards 5035-5010-4970.
Resistances: Holding 5050 can very well show up 5095-5130-5162/70 zone . Use immediate dips to buy as long 5050 is holding with s/l below 5030.
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