Nifty Elliott Wave Analysis and Prediction for Tomorrow

This Elliott Wave Analysis report of Nifty is updated today on 09 Jan 2021 and forecast is valid for Tomorrow (Monday,  11 Jan 2021). 

Nifty opened higher at 14258, registered low 14221 and bounced further by more than 140 points to register high 14367 before closing 209 points up at 14347.

Friday, Nifty was expected to bounce towards 14272-14976 in coming sessions with 13990-13826 as short term support. 

14145-14158 was immediate resistance and break above 14158 could result in bounce above 14272.

Trading strategy was to avoid selling and to buy after close of a complete 15 minutes candle above 14158 for targets above 14272. 

Nifty opened 100 points above resistance at 14258 and achieved target 14272 but we didn’t get chance to buy because of gap up opening.

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.

Elliott Wave Analysis of Nifty on Monthly Chart

Elliott Wave Analysis of Nifty on Monthly Chart
Elliott Wave Analysis of Nifty on 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 14377 till now.

Now, let’s analyze the progress of major wave (5) started from 7511 on lowest possible time frame to check its pattern.

Nifty Elliott Wave Analysis on Daily Chart

Nifty Elliott Wave Analysis on Daily Chart
Nifty Elliott Wave Analysis on Daily Chart

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.

23%-38% retracement of progress of whole wave (iii) [from 8055-14367] is placed at 12877-11955. So, 12877-11955 is major support and 11955 is major downside breakeven point.

Nifty is in positive zone for medium/long term as long as trading above 11955. Close of a complete weekly candle below 11955 can result in major downside correction.

Within wave (iii), it seems inner wave [1] completed at 9889, [2] may be completed at 8806, [3] may be completed at 11794, [4] may be completed at 10790 and [5] may be in progress.

Within wave [5], inner wave [i] may be completed at 12025, wave [ii] may be completed at 11535, wave [iii] may be completed at 13777, wave [iv] may be completed at 13131 and wave [v] may be in progress.

Wave [v] achieved minimum 38% projection after breaking above 14272 and next 61% projection is placed at 14976 which may or may not be achieved.

Now, let’s analyze the progress of wave [v] started from 13131 on lowest possible time frame to check its pattern and to calculate short term levels.

Nifty Elliott Wave Analysis on 30 Minutes Chart

Nifty Elliott Wave Analysis on 30 Minutes Chart
Nifty Elliott Wave Analysis on 30 Minutes Chart

This is 30 minutes time bar chart of Nifty covering bounce after recent low 13131 which I marked as start of wave [v] on daily chart.

It seems inner wave (1) of [v] completed from 13131-13445, wave (2) may be completed from 13445-13195,  wave (3) may be completed at 14114, wave (4) may be completed at 13959 and wave (5) may be in progress.

Wave (5) achieved minimum 38% projection after break above 14334 and next 61% projection is placed at 14566 which may or may not be achieved.

Now, let analyze the progress of wave (5) started from 13959 on separate lowest possible time frame to check its pattern and to calculate immediate levels.

Elliott Wave Analysis of Nifty on 15 Minutes Chart

Elliott Wave Analysis of Nifty on 15 Minutes Chart
Elliott Wave Analysis of Nifty on 15 Minutes Chart

This is 15 minutes time bar chart of Nifty covering bounce after 13959 which I marked as start of wave (5) on 30 minutes chart.

It seems inner wave (i) of (5) completed at 14145, wave (ii) may be completed at 14043 as Irregular Correction and wave (iii) may be in progress.

Within wave (iii), it seems inner wave [1] completed at 14247, [2] completed at 14123 and [3] may be in progress.

23%-38% retracement of progress of wave [iii] is placed at 14309-14273. So, 14309-14273 is immediate support and 14273 is immediate downside breakeven point.

Nifty is positive zone for very short term as long as trading above 14273 and can bounce further towards 14556.

We need to check pattern again if Nifty trades below 14273 for more than 15 minutes.

Nifty Prediction for Tomorrow (Monday), 11 Jan 2021

Nifty forecast for tomorrow (Thursday) is positive based on Elliott Wave Analysis done on Monthly, daily, 30 minutes and 15 minutes chart.

Medium and Long Term Nifty forecast is positive with major support at 12877-11955. Nifty if close a complete weekly candle below 11955 can result in major correction again.

Immediate/Intraday Nifty Forecast for tomorrow (Monday) is positive with 14309-14273 range as immediate support 

Nifty is in positive zone as long as trading above 14273 and has possibility to bounce towards 14556

We need to check pattern again if Nifty trades below 14273 for more than 15 minutes.

Nifty Trading Strategy for Tomorrow (Monday), 11 Jan 2021

For Intraday,

14309-14273 is low risk buying range and stoploss for buying is some points below 14273. Nifty can bounce towards 14556 if hold support at 14273.

Selling is safe after close of a complete 15 minutes candle below 14273. But low risk selling range, stoploss and target for selling can be calculate after confirmation of break below 14273 only.

Nifty is at a point where only Intraday trades are safe. Trades can be exited Intraday in whatever profit or loss. Major support is far away at 12877-11955 and upside waves are over stretched without any reasonable correction, so moves can be sharp and big.

Holding naked trades overnight can result in huge loss in case of any unexpected move.

Traders can plan their own trade according to levels, their risk tolerance and conditions explained.

Change in Nifty Forecast During Market Hours Tomorrow

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.

So, we also have a dedicated telegram channel to provide real time Nifty forecast during market hours. Not only Nifty but we also provide analysis and predictions of Bank Nifty and FNO stocks.

Interested traders can join our telegram channel free for 15 days to check our Nifty, Stocks and Bank Nifty forecast daily.

 

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Deepak Kumar, Elliott Wave Theory Analyst

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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