Nifty opened higher at 8973, registered low 8904 and bounced back further by more than 200 points to register day’s high 9128 and closed 363 points up at 9119.
Thursday, 8877-8719 was immediate support and 8864-8966 was immediate resistance. Break below 8719 could result in further decline towards 8055-7511 otherwise bounce towards 9138-9582 was possible.
Nifty opened above resistance 8966 and then bounced to register day’s high 9128. Now, let’s have fresh look at latest charts for further scenario.
we are analyzing all time frames again and let’s start Elliott Wave Analysis of Nifty with Monthly chart.