Nifty

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 Nifty weekly chart


Analysis

Nifty has crossed its previous week high thereby negative the importance of shooting star which was formed two weeks prior. However, it still hovers near to 127.6% of the Fibonacci resistance which is still very much active. It is imperative for the index to cross this zone of  9500-19700 decisively to open further positive possibilities which can take the index towards 21000.

From Waves perspective, the index is still moving in wave v of wave c of wave B and as of now there is no reversal.

The summation is if Nifty crosses the zone of 19500-19700 decisively then this will be impulsive and not corrective which can take the index till 21000.

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