Nifty opened higher at 11353 and bounced further to register day’s high 11366 but declined back sharply by more than 250 points to register day’s low 11111 and closed 122 points down at 11178.
Friday, Nifty was expected to bounce towards 11364-11373 with intraday support at 11289-11270. But there was risk of small or big decline after achieving 11373. Further outlook could be calculated after reaching 11257-11185 range only.
Nifty opened gap up and upside target range 11364-11373 was achieved and then Nifty declined sharply by more than 250 points. 11171-11208 was updated as fresh immediate resistance after registering low 11111 and Nifty closed in resistance at 11178. 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.