These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.
Fibonacci projections taken from the June bottom suggest that the next likely target for the Nifty could be 3840. The Nifty has respected this particular extension drawn on the chart. As can be seen from the arrows marked out, every level has been tested, and then broken.
Further, those levels have also extended support on the the subsequent downswings, as can also be seen on the chart.
Therefore, it gives additional weight to the levels marked out.
The probability is high, that the Nifty will receive some sort of selling pressure at the 3840 levels, before breaking it on the upside.
