Nifty exactly hit 161.8% of the amplitude of first top at 4488 (high 4495), which is a first 5th wave projection for the nifty, but as per Elliot Wave Theory, one wave have to be extended and its usually the 3rd wave so crossing this high (1.618 of 1st wave amplitude) will target .618 of 1-3 wave amplitude where 1.618 top will be considered as 3rd wave top in that case. And the .618 of 1-3 amplitude will be at 4737. Before that 4586-4647 will be intermediate resistances.
Now as we are doing analysis for correctives, we can very well see that market has successfully created a ABC movement halting @ 4435 (low 4437) creating a pattern BC=AB*1.618. So for the coming session 4435 is the biggest and most important zone to watch out for. With a successful testing of 4435 as it did yesterday by making low of 4437 would imply higher levels given above. Breaking 4435 will make nifty weak can bring it to 4415 first, and then a failure to cross 4465/69 would bring it down to 4372, and then it'll face resistances @ 4405 and 4435. Below 4373, 4340 is possible and below that 4247 can be on the cards, but remember one thing, there wont be any clue of weakness above 4435 and crossing 4465/70 will just make it fly to our next targets. So for the coming sessions,
Supports: 4435/30 main support. Below that intra weakness can bring 4415-20 first, and failure bounce near 4465/70 and not sustaining above it would bring 4373-69. Main weakness below 4372/4340 for target 4247.
Resistances: 4465/40-4489/95-4586-4647-4737.
(All future levels, 15 and 5 minutes chart attached respectively)
Take care and trade safe.
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