NIFTY 3380
Click the image to enlarge it.As previously mentioned, below 3420, Nifty had turned weak further. Technically, the last leg of a particular pattern of particular degree will be corrected in drastic manner. Here the last leg started from 3270 and stretched upto 3555 region. The maximum it could correct, is almost all of the last leg or it would be partially retraced according to the strength of the market. So, here, Nifty could bottom out around 3340 region or around 3270 region.
At the same time, as I have previously mentioned, trend in Nifty continues to be bullish. Once, Nifty bottoms out around any one of the above mentioned regions, it would bounce back with good momentum and in a very shorter period it would test 3550 region.
