Nifty Important Levels and Targets for Tomorrow 02 Dec 2015

| December 1, 2015

Nifty opened gap up today at 7958 and traded in narrow range of 38 points for rest of the day with range bound volatility. Finally Nifty closed 19 points up at 7954 after registering day’s high of 7972 and low of 7934.

In my yesterday’s report, I suggested buying with stoploss 7905 expecting minimum targets 7980-8015 and change stoploss to 7934 once Nifty break above 7967. Nifty opened gap up followed by sharp rise as expected after Irregular Correction but traded range bound without achieving minimum target. Also Nifty bounced from 7934.15 where as our stoploss was 7934. Let’s analyze latest charts for further scenario.

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.

Nifty levels for tomorrow 02 Dec 2015

Nifty levels for tomorrow 02 Dec 2015

Now, let’s have a separate look at inner wave (3) of (C or 3) on 5 minutes chart:

Nifty levels for tomorrow 02 Dec 2015

Nifty levels for tomorrow 02 Dec 2015

Based on wave counts on above chart, Important levels of nifty for tomorrow on downside are 7930-7910 and upside Nifty targets  for tomorrow are 7990-8026. Chart are still favoring Buying on Dips.

It is not a complete Elliott Wave Analysis Report of Nifty with Trading Strategy which I sent to my Clients/subscribers.

The complete Elliott Wave Analysis Report of Nifty  with trading strategy which I send to my Subscribers/Clients daily by email in PDF format I upload every day on my Facebook group “Practical Application of Elliott Wave Theory” after market hours. Link to join my Facebook group is https://www.facebook.com/groups/sweeglu/ .

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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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