Nifty Prediction for Tomorrow – Elliott Wave Analysis

This Nifty Prediction for Tomorrow, Monday, 23 Aug 2021 is updated on 22 Aug 2021 with detailed Elliott Wave Analysis of Nifty, probable outlook, important levels and low risk trading strategies.

Nifty opened lower at 16382, registered low 16376 and then bounced back to register day’s high 16509 before closing 118 points down at 16450.

Friday, 16420-16247 was immediate support and Nifty was in positive zone as long as trading above 16247. 17176 was minimum expected short term target in coming days/weeks but we had to wait for formation of downside corrective pattern around support to buy.

Nifty opened lower in support range 16420-16247, registered low 16376 and closed at 16450. We didn’t suggest any trade during market hours because we could not identify confident downside corrective pattern.

Now, let’s have a fresh look at latest charts for further scenario.

Let’s start fresh Elliott Wave Analysis of Nifty with major Elliott Wave Cycle on 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. 

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 61% projection after break above 14713 and entered in extended zone. Next 100% is placed at 19166 which may or may not be achieved. 100% projection for wave (5) is a rare case. It registered high 16701 till now.

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

Nifty Elliott Wave Analysis on Daily Chart​

Nifty Short Term Prediction based on Daily Chart
Nifty Short Term Prediction based on Daily Chart

Let’s do Nifty Elliott wave analysis on daily time bar chart 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 completed at 15431 and wave (iv) may be completed at 14151 and wave (v) may be in progress.

23%-38% retracement of wave (5) [from 7511-16701] is placed at 14532-13190. So, 14532-13190 is major support and 13190 is major downside breakeven point.

38%-61% Fibonacci projection for wave (v) is placed at 17176-19045. So, 17176-19045 is minimum target range for completion of wave (v).

Now, let’s concentrate on progress of wave (v) started from 14151 on lowest time frame chart to check its pattern and to calculate immediate levels.

Nifty Elliott Wave Analysis on Daily Chart

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

This is again Daily time bar chart of Nifty covering bounce after 14151 which I marked as start of wave (v) on daily chart.

It seems wave [1] completed from 14151-15042, wave [2] may be completed from 15042-14418, wave [3] may be completed at 15962, wave [4] may be completed at 15513 and wave [5] may be in progress.

Wave [5] already achieved normal 61% projection after break above 16632.

23%-38% retracement of progress of wave (v) is placed at 16099-15726. Nifty is in positive zone for short term as long as trading above 15726 and can bounce towards 17176-19045.

Nifty if close a complete daily candle below 15726 can result in decline towards major support 14532-13190.

Now, let’s analyze the progress of wave [5] started from 15513 on lowest possible time frame to check its pattern and to calculate immediate levels.

Elliott Wave Analysis of Nifty on 30 Minutes Chart

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

This is 30 minutes time bar chart of Nifty covering bounce after 15513 which I marked as start of wave [5] on daily chart.

It seems wave inner wave [i] of [5] completed at 15816, wave [ii] may be completed at 15746 as Irregular Correction pattern and

and wave [iii] may be completed at 16701 or still in progress.

23%-38% retracement of progress of wave whole wave [5] is placed at 16420-16247. So, 16420-16247 is fresh immediate support and 16247 is immediate downside breakeven point.

Nifty is in positive zone for very short term as long as trading above 16247 and has possibility to bounce above 17176 (target from daily charts).

But close of a complete hourly candle below 16247 can result in decline towards short term support 16099-15726 again.

Now, let’s have a separate look at decline after all time high 16701 on lowest possible time frame to check its pattern and to calculate intraday levels.

Nifty Prediction for Tomorrow based on 5 Minutes Chart

Nifty Prediction for Tomorrow on 5 Minutes Chart​
Nifty Prediction for Tomorrow on 5 Minutes Chart​

This is 5 minutes time bar chart of Nifty covering decline after all time high 16701 which I am analyzing independently.

It seems an (abc) corrective wave completed from 16701-16376. Inner wave (c) achieved normal 123% projection.

23%-38% retracement of wave (c) is placed at 16426-16457 and same is already broken. Break above 16457 is indicating bounce towards 16590-16701 again and 16426 can act as immediate support.

We need to check pattern again if Nifty closes a complete 15 minutes candle below 16426.

Nifty Prediction for Tomorrow Monday, 23 Aug 2021

This Nifty prediction for tomorrow is based on Nifty Wave Analysis done on Monthly, daily, and  chart.

Medium and Long Term Nifty forecast is positive based on Elliott wave analysis on monthly and daily chart with major support at 14532-13190 . Nifty if close a complete weekly candle below 13190 can result in major correction again.

Short Term  Nifty forecast is also positive with immediate support at 16420-16247. 

16099-15726 is next short term support after 15247. Close of a complete hourly candle below 16247 can result in decline towards short term support 16099-15726 again.

Close complete daily candle below 15726 can result in major support 14532-13190.

Overall, Nifty is indicating bounce towards 17176-19045 before any major decline but we have multiple supports on downside. 16420-16147 is immediate support, 16099-15726 is short term support and 14532-13190 is major support, but we are not confident about which support is going to work for target 17176-19045.

Intraday Nifty Prediction for tomorrow is indicating bounce towards 16590-16701 again and 16426 can act as immediate support. We need to check pattern again if Nifty closes a complete 15 minutes candle below 16426.

Nifty Trading Strategy for Tomorrow, 23 Aug 2021

Low risk trading strategy for tomorrow is for premium subscribers only and already sent to clients.

Traders can plan trades by their according to levels and conditions explained in tomorrow’s Nifty prediction.

Otherwise, trading strategy will be updated during market hours on “Sweeglu Elliott Waves” Telegram Channel. Link to join Telegram Channel is http://t.me/sweegluew

Change in Nifty Prediction During Market Hours Tomorrow

We updates detailed Nifty Elliott wave analysis with overall forecast and important levels but this Nifty prediction for Monday 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 prediction of Bank Nifty and FNO stocks.

Join telegram channel “Sweeglu Ellott Waves” for real time updates.

 

Practical Application of Elliott Wave Principle
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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