Nifty opened huge gap up today at 7788 and declined marginally till 7765 but traded with huge strength for rest of the day to register day’s high of 7854 before closing 110 points up at 7842.
I suggested in yesterday’s report to exit any shorts if Nifty break above 7776 and wait for corrective decline to enter longs and we can expect upside targets of 7860-7930. Nifty opened above 7776 at 7788, gave a corrective decline till 7765 and bounced till 7854 almost achieving minimum target of 7860. Let’s have a fresh look on latest charts.
Today I am showing Elliott wave counts only after 16 Nov low 7714 as previous counts are same as I explained in my yesterday’s report Nifty EW Analysis for 19 Nov 2015 – Perfect Example of 3-3-5 Flat Correction.
Elliott Wave Counts on 1 minutes chart of Nifty:
These short term charts are indicating a possibility of good upside move in coming sessions. Important levels of Nifty for tomorrow are 7798-7770 on downside and short term targets on Nifty are 7861-7961 on upside. Charts are in favour of “Buying on Dips” strategy with Strict Stoploss.
This report is not a complete Elliott Wave Analysis Report of Nifty which I sent to my clients/subscribers. I just posted Elliott Wave Analysed Charts from my report with little summary/hints.
Sample Elliott Wave Analysis Report of Nifty:
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