Nifty Elliott Wave Analysis and Prediction for Tomorrow

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This Elliott Wave Analysis report of Nifty is updated today on 27 Oct 2020 and forecast is valid for Tomorrow (Wednesday, 28 Oct 2020). Outlook and levels are same as Friday’s analysis report.

Nifty opened higher at 11807, declined sharply after opening to register day’s low 11723 and then bounced by more than 170 points to register day’s high 11899 before closing 121 points up at 11899.

Friday, overall Nifty was expected to bounce towards 12132-12424 in short term and 11702 was short term downside breakeven point.

Whereas as 11773-11811 was intraday resistance and staying above 11811 could result in bounce towards 11974-12018 again.

Intraday trading strategy was to buy near 11702 or buy after staying above 11811. Nifty first took support near 11702 and then traded above 11811 for more than 15 minutes and then bounced till 11899.

Now, let’s have a fresh looks 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

Elliott Wave Analysis of Nifty on Monthly Chart

Elliott Wave Analysis of Nifty on Monthly Chart
Elliott Wave Analysis of Nifty on Monthly Chart

Look at monthly time bar chart of Nifty covering its life time of move. There is no major change in wave counts on this chart.

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 and major wave (4) or (5) may be in progress.

Pattern of wave (3) is not convincing but it is corrected by more than 38%, so I am assuming wave (3) completed at 12430 based on its 38% retracement.

38% retracement of wave (3) is placed at 8542 and Nifty already traded below 8542 for 2-3 sessions but didn’t close a complete monthly candle below 8542 and bounced back. Now close of a complete monthly candle below 8542 will indicate major recession.

Wave (3) is retraced deeper than 38% but we don’t have any other pattern right now, so I am still assuming the decline after 12439 as wave (4) unless wave (1) is overlapped.

Further outlook will be calculated based on the pattern of decline after 12430.

So, let’s have a separate look at progress of major wave (4) started from 12430 to check its pattern.

Elliott Wave Analysis of Nifty on Daily Chart

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

Have a look daily time bar chart of Nifty covering decline after all time high 12430 which I marked as start of major wave (4) on monthly chart.

An impulse seems completed from 12430-7511 and same can be wave (A) or (C of Irregular Correction).

From low 7511, it seems wave (a or 1) completed from 7511-9038, wave (b or 2) may be completed from 9038-8055 and wave (c or 3) may be in progress.

Within wave (c or 3), inner wave (i) completed at 9889, (ii) may be completed at 8806, (iii) may be completed at 11794, (iv) may be completed at 10790 and (v) may be in progress.

Minimum 38%-61% projection for wave (v) is placed at 12218-13100. So, 12218-13100 is minimum target range for completion of wave (v) of (c or 3).

23%-38% retracement of inner wave (iii) of (c or 3) is placed at 11088-10652. So, 11088-10652 is major support and 10652 is major downside breakeven point. This support will be valid until Nifty achieves 12218.

Nifty is positive zone for long/medium term as long as trading above 10652 and can bounce towards 12218-13100 if holds 10652 on closing basis. 

Close of a complete daily candle below 10652 can result in major downside reversal towards 8055-7511.

Or may be some other pattern is going on which I am not able to identify yet. I failed to identify many good moves during this bounce because of confusing and complex patter after 7511.

Now we need to analyze the progress of wave (v) of (c or 3) on lowest possible time frame.

Nifty Elliott Wave Analysis on Hourly Chart

Let’s analyze hourly time bar chart of Nifty covering bounce after 10790 which I marked as start of wave (v) of (c or 3) on daily chart.

It seems wave [1] completed at 11305, wave [2] may be completed at 11183, wave [3] may be completed at 12022, wave [4] may be completed at 11661 and wave [5] may be in progress.

Minimum 38%-61% projection for wave [5] is placed at 12132-12424 and same is minimum target range for completion of wave [5].

38% retracement of progress of wave [3] is placed at 11702 and same is broken twice but Nifty didn’t close a complete hourly candle below 11702 yet. So 11702 is still downside breakeven point.

Now, Nifty if close a complete hourly candle below 11702 can result in bigger decline towards major support 11088-10652.

Otherwise bounce towards 12132-12424 is possible if Nifty holds 11702 on hourly closing basis.

Further, we need to analyze the progress of wave [5] started from 11661 on separate lowest possible time frame to calculate immediate levels.

Elliott Wave Analysis on 15 minutes Nifty chart

Elliott Wave Analysis on 15 minutes Nifty chart
Elliott Wave Analysis on 15 minutes Nifty chart

This is 15 minutes time bar chart of Nifty covering bounce after recent low 11661 which I marked as start of wave [5] on 30 minutes chart.

There is an upside impulse from 11661-12018 and same can be marked as inner wave [i] of [5]. Wave [ii] may be completed from 12018-11711 as [abc] Simple Zigzag and wave [iii] may be in progress.

38% retracement of wave [c] is placed at 11811 and same is already broken. Break above 11811 is indicating bounce towards 11974-12018.

23%-38% retracement of progress of wave [iii] is placed at 11854-11827. So, 11854-11827 is immediate support.

Nifty has possibility to bounce towards 11974-12018 as long as trading above 11827. We need to check pattern again if Nifty breaks and stay below 11827 for more than 15 minutes.

Nifty Prediction for Tomorrow (Wednesday), 28 Oct 2020

Nifty forecast for tomorrow can be predicted based on Elliott Wave Analysis done on Monthly, daily, hourly and 15 minutes chart.

Monthly chart is not giving any clear indications, daily chart is indicating bounce towards 12218-13100 with major support at 11088-10652 range. 

30 Minutes chart is indicating possibility of bounce 12132-12424 with short term support at 11702. 

15 Minutes chart is indicating bounce towards 11974-12018 with intraday support at 11854-11827.

So, we can conclude that Nifty has possibility to bounce towards 12132-12424 with short term support at 11702 (hourly closing basis) and major support at 11088-10652 (daily closing basis). 

11854-11827 is intraday support for tomorrow.

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