In our post of 5th March down targets of 10900 and Nifty made a low of 11827.40 on ELLIOT WAVE basis achieved in two days , This is the MAGIC of ELLIOT WAVE THEORY .
NIFTY on weekly candle stick charts has given breakdown on weekly basis, but averages are opening their faces widely showing that if nifty closes below 11926.41 than further down TARGETS are 11387.85 .
In the intraday charts positive divergence which suggests some range bound trading and retracement in nifty in corrective 4th WAVE which may lead nifty to the levels of 11369.57. But still INDICES are sell on rally basis.
Resistance and Support levels for Monday are
SUPPORT 3- 10958
SUPPORT 2 – 10898
SUPPORT 1 – 10879
RESISTANCE 1 -11035
RESISTANCE 2 -11082