Nifty can be sold in 7794-7802 range for immediate Targets of 7750-7730

| July 30, 2014

Today, Nifty surprised me at end of session by bouncing suddenly about 90 points in just 90 minutes. From last 2 weeks Nifty was going exactly on my counts and expectations but today’s sudden bounce forced me to take a break on positional view till I identify a clear pattern again.

Now, let me show you the next small possible move on charts as per EWT.

Intraday Elliott Wave Analysis of Nifty

Intraday Elliott Wave Analysis of Nifty

Here, in this 5 minutes bar chart I am showing counts of least sharp up move of 7708 to 7799 only. I have done calculation but I am not going to explain here.

As of my calculations, Nifty expected to complete this up move as 5 wave move around 7793-7802 levels followed by correction of 40-60 points which is possible in Intraday.

My Trading Strategy:

I would like to sell Nifty in range of 7794-7802 with small stop loss of 7811 for immediate targets of 7750-7730. I am not clear of any positional view as of now so will concentrate only on very short term moves till I am convinced of pattern again. Roughly, as long as nifty don’t break 7800, levels of 7480 are intact but I am not taking any trade and will wait till I find a convinced pattern again.

Note: – All levels given above are Nifty (spot) levels. Please adjust future levels by your own.

I covered my all positions in Nifty Shorts. I covered July 7700 and 7750 Put in loss and covered Nifty Futures in small profit of 18 points. Have no open position in Nifty now.

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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"

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