Nifty Elliott Wave Analysis

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 Nifty daily chart

Nifty hourly chart

In the daily chart, Nifty is moving in a higher highs and higher lows and it is precisely moving in a rising channel formation. When prices are moving in a rising channel, it is very clear that prices are in an uptrend, unless and until there is a discontinuation of rising formation. Also prices are showing resilience from the horizontal black line which was earlier as a resistance now acting as a support. Daily RSI which tested the overbought territory has relieved from it.

As shown in hourly chart, the index last week corrected from the highs and made a low of 11658 from there on the last day of the week it managed to close above 11750, 100 points above the low of the week. Here, prices crossed its previous highs which is a positive sign and continues to be in a positive trend as far as the level of 11658 is not broken decisively.

As per Wave theory, the index is moving in wave c which is impulsive in nature. As of now it has completed wave i, ii, iii and recently it completed wave iv in a flat pattern which now opens wave v of wave c. This wave v can travel till 12100-12130 levels which is 38.2% from wave 0-wave iii and then wave iv.

The summation is Nifty is positively poised and can travel till 12100-12130 levels with support at 11658.

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