Nifty - correction still on !!

The Nifty movement was 'almost predictible'. the rally from 2250 to 3150 started correcting yesterday and one could almost feel that it would clearly test the fibonacci retracement level support of 2865 and 2754.



The first level was tested today. It is likely that the second level too may be tested in a couple of days.

In fact the best case scenario would be that the Nifty takes support at the second support level and then resumes it's upward journey. in such a scenario, we can surely have interesting targets !!

More of it when the price move develops!

Till then

Happy Trading !

CA Rajiv D Khatlawala
Head of Training and Research
Jhaveri Securities Ltd