Nifty Elliott Wave Analysis

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 Nifty daily chart



Nifty 120 mins chart


From daily chart, the benchmark is likely to face resistance of 18000-18100 going ahead. Also I have been applying Ichimoku cloud for so long. Despite of moving towards 18000 levels last week the cloud is still giving negative signal (highlighted in circle). Still the moving average has not given a bullish crossover. RSI is inching towards the overbought terrain. With all these hindrances, it is advisable to go long when it is crossed decisively. One can also wait to see if 17200 is broken on the downside.

In 2 hour chart, it is now evident that 18100 is a crucial resistance. The index is hovering near to it and it is forming a diamond pattern near to it. This pattern can be a continuation pattern and also a reversal pattern. To trade this pattern it is important to see on which direction the breakout occurs. The target of the pattern on the upside comes to 15800, only when Nifty breaks the level of 17200. If prices break the level of 18000, then it can reach towards 19350 over very short period of time.

As per Wave theory, I firmly think that there is one leg downside which is pending. If this ongoing wave is a diametric pattern (a-b-c-d-e-f-g) then this will complete wave B on one higher degree which will then open wave C near till 15800-15400 levels. As of now sideways to positive will be the trend of the index in a range of 18000-17650.

The summation is Nifty will continue to trade in a stiff range of 18000-17650 levels. One downside leg close to 17500 followed by 17200 is plausible this week. It is imperative to have a strict stop loss of 18100 to trade for this target.


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31 October 2023 at 20:59
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