Nifty opened mild gap up today at 7837 and bounced sharply above 7880 followed by range bound consolidation between 7866-7897 before closing 52 points up at 7883.
Yesterday I expected Nifty to give a short term bounce and also suggested to buy Nifty if break above 7843 using 7822 as stoploss expecting intraday targets 7880-7915. Nifty broke above 7843 just after opening and also achieved our target range 7880-7915 without breaking below 7822. Let’s have a look at latest charts now.
Today I am showing Elliott wave counts only after 16 Nov low 7714 as previous counts are same as I explained in my yesterday’s report Nifty EW Analysis for 19 Nov 2015 – Perfect Example of 3-3-5 Flat Correction. The chart given below is same as I explained in yesterday’s report as there is no change in it.
As there are 02 possibilities on above chart so we need to concentrate bounce from 24 Nov 2015 low 7813 for further scenario.
Important Level of Nifty for tomorrow on downside is 7874 and for upside are 7936-7956. We can expect a gap up tomorrow followed by bounce of 60-90 points from present levels.
It is not a complete Elliott Wave Analysis Report of Nifty with Trading Strategy which I sent to my Clients/subscribers.
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