Nifty opened higher at 10614 and traded in narrow range of 70 points between 10562-10631 for rest of the day and then closed 55 points up at 10607.
Yesterday, 10519-10471 was immediate support and 10471 was immediate downside breakeven point. Nifty was in positive zone as long as trading above 10471 and could bounce towards 10819 if hold 10471 but staying below 10471 could result in decline towards 10267-10223.
Nifty opened higher above yesterday’s high so immediate support was changed. 10542-10490 was updated as fresh support after opening, Nifty declined till 10562 and then closed at 19607. Now, let’s have a fresh look 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.