Nifty can Bounce Towards 9380-9449 in Coming Sessions

| May 2, 2017

Nifty opened higher at 9339 and bounced to register day’s high 9352 but failed to sustain at higher levels and declined by more than 80 points from day’s high to register day’s low 9369 before closing 9 points up at 9313.

Yesterday, same 9257 was the reversal point and stoploss for all longs and sharp bounce towards 9406-9470 was expected in coming days. Suggested to buy Nifty if trades above opening price at 9:31 AM OR buy positional if decline towards 9275-9257 using stoploss of 9549.

Nifty was trading around opening price (in 9338-9342 range, not clearly above opening price). So, if someone bought at 9:31 AM may have loss of 15-18 points but Nifty declined further in 9275-9257 range and positional buying levels triggered. Nifty bounced from 9275-9257 range (from 9269) and closed at 9313. Let’s have fresh look at latest charts for further scenario.

Today I am covering decline from earlier high 9273 and previous counts are explained in my earlier report Nifty can Bounce Sharply Towards 9406-9470 in Coming Sessions

Elliott Wave analysis of Nifty for 03 May 2017

Elliott Wave analysis of Nifty for 03 May 2017

This is 30 minutes time bar chart of Nifty covering decline from all time high 9273. This is the same chart with explanation which I had explained in my last analysis report because there is no major change in wave counts on this chart.

It seems a correction is completed from 9273-9075 as Double Zigzag correction as marked on chart and new impulse has been started from 9075. We need to analyze this new wave started from 9075 separately to calculate expected targets and levels.

Now, let’s have a separate look at progress of new wave started from 9075.

Elliott Wave analysis of Nifty for 03 May 2017

Elliott Wave analysis of Nifty for 03 May 2017

This is 15 minutes time bar chart of Nifty covering bounce after 9075 which I am expecting as start of new wave.

It seems wave (1) completed from 9075-9182, wave (2) completed from 9182-9088, wave (3) may be completed from 9088-9363 and wave (4) may be completed from 9367-9269 and wave (5) may be in progress.

Minimum 38%-61% projection for wave (5) [calculated from 9269] is placed at 9380-9449 which is next expected target range for upside.

Within wave (5), there is a formation of pattern like inner wave (i) and (ii) where 9291 is the end of wave (ii). So, 9291 can be taken as stoploss for existing longs.

Conclusion:

Nifty declined till 9275-9257 range from where waves were suggesting the bounce for new high again. Now, 9380-9449 is the fresh targets range on upside and 9289 (2 points below 9291) must be the fresh stoploss for longs. There is no sign of reversal on charts yet.

Trading Point of View:

Nifty longs taken today in 9275-9257 range can be hold with fresh stoploss of 9289 expecting 9380-9449 as minimum targets range for upside.

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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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