The Nifty has been scorning at analysts and its historians of every colour and shade, whether on fundamentals or technicals.
At every stage this hapless bunch has been rummaging in their toolkits for new instruments and theories, to weigh and measure its historical/seasonal patterns, retracement, projection and what have you.
Not even in my crazed and wildest of dreams would I ever dare to deride such brilliant and superlative TA theories as Elliott or Fibonacci, but regardless, the study of the Nifty has been confounding all chartists who have been constantly switching saddles with every shift in trend.
At this point there is no saying how fast and how high the action could move.
There is also the real danger of sudden bouts of profit booking.
Volatility should be well guarded against.
Numbers is all Im attempting there, with more than a pinch of common sense.
For now, to the line is 3524-3529-3534-3539-3544-3547-3552-3555-3558-3561.
Further up is the line at 3564-3567-3575.
Support line is 3514-3511-3506-3502-3498-3492-3486-3480-3474.
Will post again later.