Nifty opened higher at 8356 but declined after opening by about 300 points to register day’s low 8055 and closed 170 points down at 8083.
Friday, 8311-8381 was immediate/intraday resistance and 8094 was immediate support. Any further outlook could be calculated after break of 8381-8094 range on 15 minutes closing basis.
Nifty faced resistance in 8311-8381 range, registered high 8356 and declined to break below support 8094 but didn’t stay below 8094 for more than 15 minutes. So, Nifty traded in Support/Resistance range for whole day. Now, let’s have fresh look at latest charts for further scenario.
Now, we are analyzing all time frames again and let’s start Elliott Wave Analysis of Nifty with Monthly chart.