Nifty is unfolding in a five wave advance from the lows of 10790 where it completed wave4 , within this five waves of the fifth wave it is currently in the third wave of one lower degree and its projected target comes around 12060-70 odd levels which will be 1.618 times wave one of the same degree. Support is placed at the lower end of the channel around 11800 - 11750 levels. The dashed green lower channel is the guiding factor for reversal in near term.