Markets managed to post gains on Wednesday on the back of support from Bank Nifty which rallied more than 1% on the back of a drop in USDINR and lower Brent crude prices. However, the setup for Nifty still calls for caution and resembles a similar situation that occurred on Sep-Oct 18.
The price setup in Nifty 50 indicates that Wave (3) should resume after the current up move which can fall in a trajectory of either 16,345 or 17,539. The S&P 500 equal Weighted Index has also a formed larger Bearish Triangle which also justifies for 10-15 pct quick downside in the near term. The resistance for today’s trading session is seen at 19,535 which turns out to 38.2 pct retracement of the entire down move.
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