Nifty Prediction for Tomorrow – Elliott Wave Analysis

Nifty Prediction for Tomorrow, 10 May 2022 with detailed Elliott Wave Analysis of Nifty, probable outlook, important levels and low risk trading strategies.

Nifty opened higher at 15845, declined to register day’s low 15739 and then bounced back by more than 230 points to register day’s high 15977 before closing 60 points up at 15842.

Yesterday, 16132-16378 was updated as immediate/short term resistance and any fresh trade could be planed after bounce towards this resistance only. But Nifty traded below this resistance for whole session.

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.

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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 18604 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 weekly Chart​

Nifty Elliott Wave Analysis on weekly Chart​
Nifty Elliott Wave Analysis on weekly Chart​

Let’s do Nifty Elliott wave analysis on Weekly 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 7511-9989, wave (ii) may be completed from 9989-8806 and wave (iii) may be completed at 18604 and wave (iv) or (v) may be in progress.

Minimum 38%-61% projection for wave (v) is placed at 19908-22526 if wave (iv) is already completed at 15671.

23%-38% retracement of total move up to wave (iii) [from 7511-18604] is placed at 15986-14366. So, 15986-14366 is major support and 14366 is major downside breakeven point. Nifty already entered in this major support and bounced back.

Nifty in positive zone for medium/long term as long as trading above 14366 and can bounce towards 19908-22526 in coming weeks/months.

Close of a complete weekly candle below 14366 can result major recession.

Now, let’s analyze the decline progress of wave (iv) started from 18604 on lowest possible time frame.

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 decline after 18604 which I marked as start of wave (iv) on weekly chart.

Pattern of wave (iv) is very complex. Overall it looks like a very Complex Correction. It can be Double Zigzag, Triple Zigzag or Complex Irregular Correction which I am able to identify yet.

The decline from 18604-15671 looks like a Double Zigzag Correction (abc-x-abc) but the pattern of bounce from 15671-18114 and later decline is not identifiable.

So, I am ignoring is whole correction for time being and concentrating on last decline after 18114 to identify very short term/immediate moves.

So, let’s analyze decline after 18114 on lowest possible time frame to check its pattern and to calculate immediate moves.

Nifty Elliott Wave Analysis on Hourly Chart

Nifty Elliott Wave Analysis on Hourly Chart
Nifty Elliott Wave Analysis on Hourly Chart

This is hourly time bar chart of Nifty covering decline after 18114 which I am analyzing independently.

It seems wave (a or 1) completed from 17414-16824, wave (b or 2) may be completed from 16824-17414 and wave (c or 3) may be in progress.

23%-38% retracement of last wave (c or 3) is placed at 16132-16378. So, 16132-16378 is short term resistance and 16378 is immediate upside breakeven point.

Nifty is in negative zone as long as trading below 16378 and can decline below 15671 if fails to break this resistance.

Nifty if closes a complete hourly candle above 16378 can result in bounce towards 17377-17414 again.

Nifty Prediction for Tomorrow, Tuesday, 17 May 2022

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This Nifty prediction for tomorrow is based on Nifty Wave Analysis done on monthly, weekly, Daily and Hourly chart.

Medium and Long Term Nifty forecast is positive based on Elliott wave analysis on monthly and daily chart with major support at 15986-14366 and can bounce towards 18604-19161. 

Close a complete weekly candle below 14366 can result in major correction again.

Nifty Intraday and Short Forecast for tomorrow is sideway with resistance at 16132-16378 and 16378 as upside trend reversal point.

Nifty is in negative zone as long as trading below 16378 and can decline below 15671 if fails to break this resistance.

Nifty if closes a complete hourly candle above 16378 can result in bounce towards 17377-17414 again.

Nifty Trading Strategy for Tomorrow, Tuesday, 17 May 2022

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Conditions are not suitable for positional/short term trade. Conditions are suitable for Intraday/very short term trades only. So, safe trading strategy would be to trade for small moves based on internal pattern and levels.

For Short Term, stoploss for selling is above 16378 and buying is safe after close of a complete hourly minutes candle above 16378. 16134-16378 is immediate resistance and Nifty can decline below 15671 if fails to stay above 16356.

Fresh trading strategy will be updated during live market hours if Nifty opens gap down.

Otherwise, traders can plan trades by their own according to levels and conditions explained.

Further, any change in pattern, levels, outlook and trading strategy will be updated during live market hours.

Download “SweeGlu Android App” from Google Playstore to access latest as well as past analysis reports of Nifty and Bank Nifty daily.

Link to download SweeGlu App is https://play.google.com/store/apps/details?id=com.sweeglu.course

iPhone users can access analysis report and services of Nifty and Bank Nifty at web address https://courses.sweeglu.com/

Further, any change in pattern, levels, outlook and trading strategy will be updated during live market hours to paid subscribers.

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 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 for paid subscribers 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.

 

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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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