Nifty opened higher at 10072 and declined till 10036 but bounced back by more than 100 points to register day’s high 10148 and closed 69 points up at 10116.
Yesterday, 10084-10124 was immediate resistance and 10124 was immediate upside breakeven point. Nifty was in negative zone for intraday as long as trading below 10124 whereas staying above 10124 for more than 15 minutes could result in bounce towards 10291-10328 again.
Nifty faced resistance around upside breakeven point 10124 whole day and declined multiple times but bounced back and broke 10124 in last 15 minutes before closing. Now, let’s have a fresh look at latest charts for further scenario.
We are analyzing Nifty on all time frames and let’s start Elliott Wave Analysis of Nifty with Monthly chart.