Nifty Elliott Wave Analysis

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 Nifty daily chart

Nifty hourly chart


As shown in the daily chart, the index has broken the rising trend line support and it has slumped lower by taking out over 1000 points from the all time high. This was one of the sharpest reversal occurred at the top which suggests that, it is going to be difficult for the index to make new high in the span of next six months. Also the ADX (red line) which is in a matured stage is indicating that the recent uptrend is languishing.

In the hourly chart, prices have arrived near the trend line support (lower rising trend line). Any move below this trend line support will infuse further selling pressure. However, failure to break this support will open the possibility for a relief rally coming in which can soar it till 14200 levels which was earlier acting as a support now resistance (polarity reversal). RSI is exhibiting positive divergence but it still needs confirmation which can only be obtained over period of time.

From Waves perspective, my prognostics for the index to travel till 14900-15000 have failed, though it went till 14760 levels. Here I have to say that prices have completed wave v of wave c higher and then it made a low of 13650 levels where it completed wave a, this opens a possibility for wave b which can go till 50-61.8%.

The summation is Nifty needs to hold 13400 levels which will open a relief rally for the index surging it till 14180-14200 levels in coming sessions. Failure to protect 13400 will accelerate selling pressure.

 

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