Nifty Elliott Wave Analysis

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 Nifty daily chart

Nifty hourly chart

In my previous update, I had mentioned that, Nifty is expected to plunge till 11100. However, it made a low of 11185 and reversed which opens another scenario of the market direction.

In the daily chart, after marking low of 11185 last week, prices rebound from the lows and closed higher at 11455 levels thus showing strength. There is no doubt that short term trend has changed from negative to positive, but this can also not be ruled out that the medium term trend continues to be negative. I think it is likely for the index to test the rising trend line which was earlier acting as a support and now a resistance. RSI holds the center line which gives positive sign.

As shown in hourly chart, prices surged by giving bullish trend line break and also crossed its previous high (marked by horizontal black trend line) thus opening positive possibilities. Also moving above its previous high discontinues lower highs and lower lows. There is a possibility for prices to test the support of the gap which can be utilized as a buying opportunity.

As per Wave theory, from the top wave a has three wave structure and now wave b is ongoing in which it has completed wave a. This means wave b on the lower side followed by wave c higher is pending to complete wave b of one higher degree.

The summation is Nifty can move down to test 11350 it can be utilized as a buying opportunity          with a support at 11290 and on the upside it can test 11600-11620 price zone.


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Comments

Phani Kumar said…
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GM Polyplast IPO
13 October 2020 at 16:02
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