Nifty: Elliott Wave Analysis
Nifty daily chart Nifty 2 hour chart Nifty last week has consolidated in the range of 15700-15800 levels, only on the last day of the trading week, it came close to my stop loss of 15500 levels but failed to trigger it. In my previous report I had opened the possibility of re-testing the neckline of an inverse head and shoulder pattern. The benchmark exactly tested or tried to test the neckline and reversed in the second half of Friday’s trading, back in the buying range of 15700-15800 levels. From daily chart, the index filled all the pending gaps down and closed in a positive terrain, thus forming a long legged candle indicating that the bulls have the upper hand. Last 4 trading sessions prices consolidated in a stiff range but ROC continues to exhibit positive sign, staying well above the center line. Also the benchmark is facing resistance of 20 EMA (red), it is imperative for prices to move above this moving average which can then open the resistance of 50 SMA (blue) placed at