Chart of the week. Nifty.

Last week nifty has given breakout again. NIFTY gained massive 3.5% in a week and made a big gap up candle on its weekly chart. However, if we draw a Fibo from the recent correction; its trading at 1.6 levels. I therefore think that NIFTY should either take resistance or consolidate at this level for few months in order to start an upward journey again.

Next target for NIFTY would be 22,000.