This Elliott Wave Analysis report of Nifty is updated today on 29 Nov 2020 and forecast is valid for Tomorrow (Tuesday, 01 Dec 2020).
Nifty opened higher at 13012 and bounced further to register high 13035 but declined back by 120 points to register day’s low 12914 before closing 18 points down at 12986.
Yesterday, 12982-12960 was immediate/intraday support and Nifty was expected to bounce towards 13036-13145. Staying below 12960 for more than 15 minutes could result in further decline towards 12868-12790.
Nifty achieved 13035 just after opening and then declined to trade below 12960 and also registered low 12914 but didn’t sustain below 12960 for more than 15 minutes.
Now, let’s have a fresh look at latest charts for further scenario. Let’s start fresh Elliott Wave Analysis of Nifty with Monthly chart.
Let’s have a look at monthly time bar chart of Nifty covering its life time of move. There is change in Elliott wave counts after breaking above 12430.
It seems major wave (1) completed from 775-6357, wave (2) may be completed from 6357-2252, wave (3) may be completed from 2252-12430, wave (4) may be completed from 12430-7511 and wave (5) may be in progress.
Major wave (5) already achieved minimum projection after break above 12430. Next 61%-100% is placed at 14713-19166 which may or may not be achieved. 100% projection for wave (5) is a rare case.
It registered high 13145 till now.
Now, let’s analyze the progress of major wave (5) started from 7511 on lowest possible time frame to check its pattern.
This is daily time bar chart of Nifty covering bounce after 7511 which I marked as start of major wave (5) on monthly chart.
It seems inner wave (i) of (5) completed from 7511-9038, wave (ii) may be completed from 9038-8055 and wave (iii) may be in progress.
Within wave (iii), it seems inner wave  completed at 9889,  may be completed at 8806,  may be completed at 11794,  may be completed at 10790 and  may be in progress.
Minimum 61% projection for wave  is already achieved after break above 13100 and next 100% projection is placed at 14529 which may or may not be achieved. Wave  achieved 13145 till now.
Within wave , inner wave [i] may be completed at 12025, wave [ii] may be completed at 11535 and wave [iii] may be in progress.
23%-38% retracement of progress of wave [iii] is placed at 12765-12529. So, 12765-12529 is short term support and 12529 is short term downside breakeven point.
Nifty is in short term positive zone as long as trading above 12529 and has possibility to bounce further above 13145. Nifty if close a complete daily candle below 12529 can result in decline towards 11535-10790 again.
Now, let’s analyze last decline after recent high 13145 to check its pattern and to calculate immediate levels.
This is 5 minutes time bar chart of Nifty covering decline after 13145 which I am analyzing independently.
It seems a (abc) correction completed from 13145-12790 and 38% retracement of wave (c) is also broken after staying above 12883.
Break above 12883 is indicating bounce towards 13036-13145 again with support 12883-12848 and Nifty already bounced till 13035 after entering in support.
Within the bounce after 12790, It seems wave (a or 1) completed from 12790-12940, wave (b or 2) may be completed from 12925-12899 and wave (c or 3) may be in progress.
Within wave (c or 3), it seems inner wave (i) completed from 12899-13035, wave (ii) may be completed from 13035-12914 as Double Zigzag Correction and wave (iii) may be in progress.
The decline from 13035-12914 is Double Zigzag Correction and it can also convert into Triple Zigzag Correction. On the other hand, there is abnormality in retracement of wave (b or 2), it is not even 23%-38%.
So, Nifty if breaks above 12914 then 12883-12484 can act as next support.
Overall, Nifty is in positive zone and has possibility to bounce towards 13036-13145 immediate support with 12914 as immediate support and 12883-12848 as next support.
But there is Complex Correction (Double Zigzag) and abnormality in retracement of wave (b or 2), so pattern is subjected to change and we need to observe further move after tomorrow’s opening to identify any change in pattern and important levels.
Nifty forecast for tomorrow is positive based on Elliott Wave Analysis done on Monthly, daily and 5 minutes chart.
Monthly chart is indicating that Nifty is in last wave (5) of major Elliott Wave Cycle. Coming Months are expected to be volatile with big uncertain swings and it would be tough for small traders (who trades with small stoploss) and for naked option sellers.
Daily Chart is indicating that short term Nifty forecast is positive with 12765-12529 as short term support and 12529 as short term downside trend reversal point.
5 Minutes chart is indicating that Intraday Nifty forecast is positive with 12914 as immediate support and 12883-12848 as next support. But intraday outlook is subjected to change and changes can be identified tomorrow after market opening.
Readers can estimate Nifty forecast for tomorrow by combining the analysis on all the chart.
We updates detailed Elliott Wave Analysis of Nifty with overall forecast and important levels but this Nifty prediction for tomorrow is subjected to change in case of gap openings.
Sometimes breakeven point breaks or target achieves at opening only and Nifty forecast changes after achieving levels.
Sometimes pattern changes during market hours and results in change of important levels.
This advance prediction still works most of the times but most accurate Nifty Prediction can be made during market hours only by looking at ongoing internal pattern.
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About Deepak Kumar
An independent Elliott Wave Theory analyst, trainer and trader. Analyzing Indian Indices and stocks since 2011. Founder of “Sweeglu Elliott Waves” and author of most practical book on Elliott Wave Theory, “Practical Application of Elliott Wave Principle”
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