Two possible scenarios open for the day.

Nifty has two possible scenarios open as of now.

impulsive wave has begun from 13600 is unfolding in larger degree in which,

i). Minor corrective wave done from 15257 to 14978. Now next leg of rally started from 14978 and heading for 15400-15500 zone.

ii). Minor corrective wave still under progress and Nifty can retest 14978 -15000 zone again and from there bounce back to 15400. 

Levels to watch for clear signal for trend.

Watch 15257 breakout for resume of uptrend towards 15400-15500.

Watch 14978 on lower side to resume of corrective wave which can restest anywhere between 14850 to 14550 zone.

Hence watch for range breakout and trade accordingly.

Regards,

Suryadev Bandari

Research Analyst.

www.earningwave.com