The 16700 which was a resistance level during August should be a strong support to Nifty now.
This line also corresponds to the 0.5 Fibonacci retracement in Nifty.
Once Nifty reaches 17700 to 17600 I'll close my short positions in Nifty as a quick short covering rally might occur.
If nifty breaks and closes below 17600, then we can short again for 0.618 retracement which is at around 17200 levels.
This line also corresponds to the 0.5 Fibonacci retracement in Nifty.
Once Nifty reaches 17700 to 17600 I'll close my short positions in Nifty as a quick short covering rally might occur.
If nifty breaks and closes below 17600, then we can short again for 0.618 retracement which is at around 17200 levels.