Nifty opened higher at 8529 and declined back to register day’s low 8358 but bounced back again by about 320 points to register day’s high 8678 and closed 316 points up at 8597.
Yesterday, Nifty was in support 8454-8094 whereas 8384-8471 was immediate resistance and 8471 was immediate upside breakeven point. Trading strategy was to buy Nifty after staying above 8471 for more than 15 minutes with stoploss below 8384 for upside targets 8839-9038.
Nifty broke and traded above 8471 for more than 15 minutes, later entered in support 8471-8384, registered low 8433 and bounced till 8678. Further follow up was also updated. Now, let’s have a fresh look at latest charts for further scenario.
This analysis report is covering bounce after recent low 7511. Earlier wave counts are explained in my last analysis report Elliott Wave Analysis and Outlook of Nifty for 30 Mar 2020 Onward