Nifty opened flat on Friday followed by mild decline till 7817 but bounced sharply by 90 points from lows in middle session followed by a range bound consolidation between 7880-7905. Nifty declined sharply again by 60 points in last 60 minutes of trade before closing 13 points up at 7856.
I my last report, I expected some decline till 7815 or 7798-7769 followed by a good bounce for upside targets of 7871-7961. Nifty declined till 7817 to complete a corrective wave followed by a sharp bounce of 90 to achieve our minimum target of 7871 whereas 7906 was high for the day. Let’s have fresh look at charts again.
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.
There are two probable patterns I can identify with move from 7725-7906 which I am expecting as progress of wave (C or 3). I am going to explain both the probabilities on separate charts to avoid confusion and to make you understand better.
Short term Nifty Charts are in favor of “Buying on Dips” even a sharp bounce above 8000 is possible in coming days. But one conditions also have possibility for dip below 7714.
Important levels of Nifty for 23 Nov 2015 on downside are 7836-7794 and expected upside targets are 7905-7961.
I just posted Elliott Wave Analysed Charts from my report with little summary/hints, it is not a complete Elliott Wave Analysis Report of Nifty with Trading Strategy which I sent to my clients/subscribers.
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