Elliott Wave Analysis of Nifty for 23 March 2015

| March 22, 2015

This Elliott wave Analysis report Nifty for 23 March 2015 is exactly same analysis report as I sent to my subscriber and students for tomorrow. I am posting here on my blog as live sample. Click Nifty Analysis Reports Daily for details.

Nifty opened Flat on Friday and traded with negative bias with range bound volatility for rest of the day. Nifty declined 70 points from day’s high till end of the day and finally closed 63 points down at 8570. Let have a look on latest Nifty charts to conclude further probabilities.

Nifty Elliott Wave Analysis for 23 March 15

Nifty Elliott Wave Analysis for 23 March 15

This is 15 minutes time bar chart of Nifty covering move after all time high 9117.

Again, there are some changes in wave’s counts compared to my Friday’s Elliott wave Analysis Report of Nifty after seeing the personalities of waves. This is the only most probable wave counts I can conclude after seeing wave’s pattern on latest chart and after lots of calculations.

It may be a formation of some complex correction type of pattern from high 9117 where first “abc” cycle from 9117 to 8678 followed by link wave (X1) from 8678 to 8847 which is already completed and 2nd “abc” cycle is in progress from 8847 and shown on chart.

And within 2nd “abc” cycle, waves (a) and (b) are already completed till 8788 and (c) is in progress which projected 100% of (a) till now and 123% is placed at 8497 which can be achieved soon. There can be minimum bounce of 150 from lows after completion of wave (c) if I am correct at identifying the pattern.  We need to see the progress of wave (c) started from 8788 on separate 5 minutes chart to calculate more accurate levels.

Nifty Elliott Wave Analysis for 23 March 15

Nifty Elliott Wave Analysis for 23 March 15

This is 5 minutes time bar chart of Nifty covering decline after 8788 which I was expecting as the start of wave (c) of 2nd “abc” cycle.

It seems wave 1, 2 and 3 of (c) are completed and wave 4 is in progress. Wave 3 is highly extended thus we can expect just 23% to 38% retracement of wave 3 which is placed at 8602 and 8631 respectively.   Inner wave (v) of 3 looks like Ending Diagonal and seems completed at Friday’s low 8555.

We can see new low again for Nifty after bounce till 8602-8631 may be till 8497 if I am right at identifying. Stoploss for shorts must be above 38% retracement of wave 3 (8631) to protect profit/loss if we are wrong at identifying and if wave (c) already completed at 8555.

Let me show you the formation of Ending Diagonal at bottom on separate chart:

Nifty Elliott Wave Analysis for 23 March 15 showing Ending Diagonal Triangle Pattern

Nifty Elliott Wave Analysis for 23 March 15 showing Ending Diagonal Triangle Pattern

This is again 5 minutes time bar chart of Nifty showing Intraday move of 20 March 2015. I have shown the formation as Ending Diagonal Triangle marking all inner waves of this structure. Please Read the chapter “Diagonal Triangles” in my book “Practical Application of Elliott’s Wave Principles by Deepak Kumar” to understand this chart.

Conclusion:

The current scenario on charts is still bearish which shows the possibilities of lower levels, may be till 8497 after some bounce till 8602-8631. Stoploss for shorts must be above 8631 to protect profit/loss if we are wrong at identifying and if wave (c) already completed at 8555. Still there is some confusion in short term pattern, so it is advised to trade intraday/very short term only with small stop loss after identifying smaller pattern on 5 minutes chart till we identify any clear pattern on Medium/Short term charts.

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Category: Nifty

About the Author ()

Deepak Kumar is an independent Technical Analyst, regular practitioner and Trainer of Elliott wave theory applying Elliott's Wave Principles on Indian Markets successfully since 2011 and made many accurate predictions. He is also the author of book "Practical Application of Elliott's Wave Principles by Deepak Kumar"

Comments (5)

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  1. RAJEEV says:

    PLS POST UPDATED WAVE COUNTS

  2. rashmi says:

    Dear Deepak.plz post ur latest analysis on nifty.
    Thnx

  3. Sreedhar says:

    Please send me mails regarding Elliott wave theory..

  4. rajveer says:

    Nifty P/E ratio at the peak (9119) was 24, market is definitely overvalued, current p/e even after the most recent fall stands close to 22, so downside risk is definitely there.

  5. RAMASWAMI N says:

    GOOD ANALYSIS.Very useful.Thank you.keep it up.