Nifty Chart

Nifty exactly bounced from 78.6% swing 7961 - 8445 at 8064

yesterday closed below 161.8%

Trading intraday :
so Trade resistance at 8739-52, cmp-8711
so Trend resistance at 8769-74, cmp-8711

Positional S and R
Long swings 8678 act as a TREND SUPPORT
Negative Breakout 8793-8804 TREND RESISTANCE

NIFTY CHART

Why shorted at 8978 ?

Reason 1. Trend line from 1994 connect with previous high 6357 Exactly

issued projected target of 8978

Reason 2. Retracement of the swing in monthly CHART

: 261.8% of the swing 4514 - 6229 at 9003

1st TGT 138.2%  6884 [Actual high 6869]

2nd TGT 161.8% 7288 [Actual high 7563]

3rd TGT 261.8%  9003 [Actual high 8995]

NOW 138.2% of the SWING 279-6357 at 8678

key for the further down