Nifty Elliott Wave Analysis and Prediction for Tomorrow

This Elliott Wave Analysis report of Nifty is updated  on 19 March 2021 and forecast is valid for Tomorrow (Monday,  22 March 2021). 

Nifty opened lower at 14471, declined further to register day’s low 14350 but bounced back again by more than 430 points to register day’s high 14788 before closing 186 points up at 14744.

Yesterday, 14372-14144 was very strong short term support and 14613-14697 was immediate upside resistance. Nifty was in negative zone below 14697 but close of a complete 15 minutes candle above 14697 could result in bounce towards 15051-15336 again.

Nifty opened lower and declined to register low 14350 but bounce back from strong short term support 14372-14144. Later 14515-14617 was updated as fresh resistance and 14617 was fresh immediate upside breakeven point. Safe trading strategy was to buy Nifty after close of a complete 15 minutes candle above 14617 for targets 15051-15336.

Nifty faced resistance at 14617 in first half and then bounced and closed a complete 15 minutes candle above 14617 in 2nd half.

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 12713 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 15431 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

Elliott Wave Analysis of Nifty on Daily Chart
Elliott Wave Analysis of Nifty 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 either completed at 15431 or still in progress.

23%-38% retracement of progress of whole wave (iii) [from 8055-15431] is placed at 13690-12613. So, 13690-12613 is major support and 12613 is major downside breakeven point.

Nifty is in positive zone for medium/long term as long as trading above 12613. Close of a complete weekly candle below 12613 can result in major downside correction.

Within wave (iii), it seems inner wave [1], [2], [3], [4] is completed and [5] may be completed at 15431 or still in progress.

Within wave [5], it seems inner wave [i], [ii], [iii], [iv] is completed and [v] may be completed at 15431 or still in progress.

Now, let’s have separate look at decline after all time high 15431 on lowest possible time frame to check its pattern and to calculate short term levels.

Elliott Wave Analysis of Nifty on Hourly Chart

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

This is Hourly time bar chart of Nifty covering decline after 15431 which I am analyzing independently.

It seems a complex correction is in progress with first (abc) cycle completed from 15431-14467, wave (X) may be completed from 14467-15336 and 2nd (abc) may be completed at 14350. 2nd (abc) cycle achieved 100%-123% projection placed at 14372-14144.

23%-38% retracement of inner wave (c) of 2nd (abc) cycle is placed at 14515-14617 as same is already broken. Break above 14617 is indicating bounce towards 15051-15336 again and same 14617-14515 can act as immediate support.

We need to check pattern again if Nifty closes a complete 15 minutes candle below 14515.

Nifty Prediction for Tomorrow (Monday), 22 March 2021

This Nifty prediction for tomorrow (Monday) 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 13620-12613. Nifty if close a complete weekly candle below 12620 can result in major correction again.

Intraday and short term  Forecast for tomorrow (Monday) is positive with immediate support at 14617-14515 and Nifty has possibility to bounce towards 15051-15336 in coming sessions.

We need to check pattern again if Nifty closes a complete 15 minutes candle below 14515.

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Nifty Trading Strategy for Tomorrow (Monday), 22 March 2021

These low risk trading strategies are based on Nifty prediction and levels calculated after doing Nifty wave analysis on different time frame charts.

14617-14515 is low risk buying range and stoploss is 14515 on 15 minutes closing basis. 15051-15336 is minimum expected target range. Stoploss is 15 minutes closing basis which is risky, so either trade in options or trade must be hedged and traders must aware of the risk before entering the trade.

Any other trading strategy will be updated during market hours if we identify any.

Change in Nifty Forecast 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 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.

Interested traders can join our telegram channel free for 15 days to check our Nifty, Stocks and Bank Nifty forecast and Option Trading Tips 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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