Hi

In this post I will do a brief analysis on Nifty for educational purpose.

Nifty had a strong resistance level at 11341 which was breached on 18th of August on the upside. Nifty has retested this level and found support.

Keeping above discussion in the background, Nifty can approach for the harmonic target of AB=CD at 11600. This level confluences the historical resistance at 11627. Also there is an upper boundary of the uptrend channel shown in the chart at these levels.

Keeping these points in mind we can look for 11600 target where price may take a pause. A 4 hourly chart has been attached for more clarity.

Hope it would help traders.

All the best.