Nifty opened higher at 9323 and declined back just after opening to register day’s low 9091 but bounced back again to close 273 points up at 9266.
Friday, 8882-8724 was immediate support and 9582-9783 was strong resistance. Trading strategy was to buy Nifty in 8882-8724 range or hold longs with stoploss below 8724 for upside targets 9369-9582.
Nifty opened higher at 9323 but later trailing stoploss was triggered after breaking lower below 9132. Later, 9185-9238 was intraday resistance but same was broken before closing. 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.