Nifty 3246.90
Normally, Bull market correction in index correct upto 15 percent from the high in percentage terms. For Nifty, it works out to 567 points and it gives a target of 3210. Technically, Market would bottom out near the high of the previous wave. Here a wave pattern completes its high around 3200. If that is the case, then Nifty would move towards 3500 region initially. A move above 3320 would confirm the rally towards 3500.
On the other hand, if Nifty violates 3200 region, then Nifty could move towards 3050 region which is the tip of a running triangle. An early sign of weakness comes if Nifty trades below 3250.
If both the levels 3200 and 3050 are not held, then correction could extend further.
