Nifty opened gap up today at 7976 but declined sharply just after opening and traded with negative bias for rest of the day. Nifty decline 70 points from high before closing 23 points down at 7931.
In my yesterday’s report, I suggested either buy Nifty on decline till 7930-7915 with stoploss of 7905 or Buy above 7972 with stoploss of 7947. 2nd condition met after break above 7972 in opening itself but stoploss of 7947 was triggered. It may be loss of 20-25 points if someone traded. Later Nifty found support above 7905. Let’s have a fresh look on charts.
Today I am showing Elliott wave counts only from 16 Nov low 7714 as previous counts are same as I explained in my previous report Nifty EW Analysis for 19 Nov 2015 – Perfect Example of 3-3-5 Flat Correction. The below given 15 minutes chart is same as I explained in yesterday’s reports as there is no change in wave counts on this chart.
Now, let’s have a separate look at inner wave (3) of (C or 3) on 5 minutes chart:
Now, let’s see the decline from 7979 on separate 1 minute chart:
Important levels of Nifty for tomorrow on downside are 7899-7873 and on upside are 7943-7979. Nifty can be side ways tomorrow with Up-Down volatile swings.
This Elliott Wave Analysis Report of Nifty is not complete which I sent to my Clients/subscribers.
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