Nifty 3rd Wave Extension In Progress - Rakesh Chandra

In the Nifty EOD chart, Nifty is following an extended 3rd upwave. The possible target of this wave is 4800.

It will take 2-3 days more for the momentum to cool off and then a 4th down consolidation wave will progress. On the upper side, we need to be cautious and must take protection for longs. Profit booking on longs looks highly attractive although the market has not yet given a sell signal.
In the coming days volatility would increase.

The trading level is as follows:
Buy Nifty future with 4,647 stoploss buy Nifty future 4,663.89 for next day up target>4,692 >> 4,737 >>>4,765.

With stoploss 4,664 short Nifty future below 4,646.61 with lower target >4,619 >>4,573 >>>4,545.