Nifty opened bit higher at 10119, declined to register low 10072 but bounced back again by about 200 points to register day’s high 10272 and closed 152 points up at 10244.
Friday, 10048-10007 was immediate support and 10007 was immediate downside breakeven point. Nifty was in positive zone and had possibility to bounce towards 10120-10183.
But Nifty opened gap up and bounced till 10162. Later 10087-10040 was updated as immediate/intraday support and 10040 as immediate downside breakeven point. Nifty entered in support, registered low 10072 and bounced till 10272. 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.