The head and shoulder target which I have been writing about, was achieved , bang on. Normally, after a target is achieved, a pullback can be expected. Nifty retraced 34% of the fall from 2806. Chart 1 shows the fibonnaci levels of fall from 2806 in red and fall from 2970 in blue. See how 2642 and 2704 may turn out to be stiff resistances as fibonacci levels coincide.
Chart 2 shows supports and resistance of downward trending channel in which the nifty is moving.
Trade light and with stops as the markets will be closed for two days.
Happy Trading !!