Today was ought to be Decider between Bulls and Bears on Nifty but it ended with confusion with almost No change today. Technically as i mentioned 7690 was crucial zone and we did trade for fractions of seconds but as i always mention, what counts is closing. On other side 200 day SMA resistance which was at 7777 didnt trigger at all today. As we havent got close outside our range, Nifty can be interpreted as confusing close. Tried to apply Elliot wave, there are 3 possible targets for this short term profit booking: 7694,7629,7543. Already today we have achieved first target so there are chances of reversal from here, but as i said they are just chances. Its very difficult to answer exact bottom but still we can play the game. As  marked in Yellow square, its the best buy zone for short term traders. So now strategy remains the same of buying on dips, if at all we see trading below 7694 again on monday or else if we trade above 7777 then just go long.

 

 

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