Nifty Analysis and Trading Strategy for Thursday 11 Jun 2020

Nifty Analysis and Low Risk Trading Strategies with probable outlook and important levels for Thursday Weekly Expiry

Get These Analysis Report and Nifty and Bank Nifty with Live Market Updated Daily for Life Time FREE

Click Here to know more..

Nifty opened higher at 10072 and declined till 10036 but bounced back by more than 100 points to register day’s high 10148 and closed 69 points up at 10116.

Yesterday, 10084-10124 was immediate resistance and 10124 was immediate upside breakeven point. Nifty was in negative zone for intraday as long as trading below 10124 whereas staying above 10124 for more than 15 minutes could result in bounce towards 10291-10328 again.

Nifty faced resistance around upside breakeven point 10124 whole day and declined multiple times but bounced back and broke 10124 in last 15 minutes before closing. 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.

Table of Contents

Elliott Wave Theory Analysis on Monthly Chart of Nifty

Elliott Wave Theory Analysis on monthly chart of Nifty
Elliott Wave Theory Analysis on monthly chart of Nifty

This is monthly time bar chart of Nifty covering its life time of move. There is no major change in wave counts on this chart.

It seems major wave (1) completed from 775-6357, wave (2) may be completed from 6357-2252, wave (3) may be completed from 2252-12430 and major wave (4) or (5) may be in progress.

Pattern of wave (3) is not convincing but it is corrected by more than 38% so I am assuming wave (3) completed at 12430 based on its 38% retracement.

23%-38% retracement of wave (3) is placed at 10027-8542. 8542 is major downside breakeven point which is already broken and Nifty already traded below 8542 for 2-3 sessions.

Breaking and staying below 8542 is indicating signs of major recession and 8542-10027 as major resistance but Nifty bounced above 10027 again.

Further wave (3) is retraced deeper than 38% but we don’t have any other pattern right now, so I am still assuming the decline after 12439 as wave (4) unless wave (1) is overlapped. But further outlook will be calculated based on the pattern of decline after 12430.

So, let’s have a separate look at progress of major wave (4) started from 12430 to check its pattern.

Elliott Wave Theory Analysis on Daily Chart of Nifty

Elliott Wave Theory Analysis on Daily Chart of Nifty
Elliott Wave Theory Analysis on Daily Chart of Nifty

This is monthly time bar chart of Nifty covering its life time of move. There is no major change in wave counts on this chart.

It seems major wave (1) completed from 775-6357, wave (2) may be completed from 6357-2252, wave (3) may be completed from 2252-12430 and major wave (4) or (5) may be in progress.

Pattern of wave (3) is not convincing but it is corrected by more than 38% so I am assuming wave (3) completed at 12430 based on its 38% retracement.

23%-38% retracement of wave (3) is placed at 10027-8542. 8542 is major downside breakeven point which is already broken and Nifty already traded below 8542 for 2-3 sessions.

Breaking and staying below 8542 is indicating signs of major recession and 8542-10027 as major resistance but Nifty bounced above 10027 again.

Further wave (3) is retraced deeper than 38% but we don’t have any other pattern right now, so I am still assuming the decline after 12439 as wave (4) unless wave (1) is overlapped. But further outlook will be calculated based on the pattern of decline after 12430.

So, let’s have a separate look at progress of major wave (4) started from 12430 to check its pattern.

Elliott Wave Theory Analysis on 30 Minutes Chart of Nifty

Elliott Wave Theory Analysis on 30 Minutes Chart of Nifty
Elliott Wave Theory Analysis on 30 Minutes Chart of Nifty

This is 30 minutes time bar chart of Nifty covering bounce after 8806 which I am analyzing independently.

It seems wave (a or 1) completed from 8806-9038, wave (b or 2) may be completed from 9038-8968 as Irregular Double Zigzag Correction and wave (c or 3) may be completed at 10328 or still in progress.

23%-38% retracement of wave (c or 3) is placed at 10007-9808. So, 10007-9808 is short term support and 9808 is short term downside breakeven point.

Nifty is in positive zone for short term as long as trading above 9808 but we need to check pattern again if it break and stay below 9808 for more than 30 minutes.

Now, let’s analyze the decline started from today’s high 10328 on separate lowest possible time frame to calculate immediate levels.

Elliott Wave Theory Analysis on 5 Minutes Chart of Nifty

Elliott Wave Theory Analysis on 30 Minutes Chart of Nifty

This is 5 minutes time bar chart of Nifty covering decline from today’s high 100328 which I am analysing independently.

It seems an wave [abc] corrective wave completed from 10328-10021 and 38% retracement of wave [c] is also broken on 15 minutes closing basis.

23%-38% retracement of wave [C] is placed at 10084-10124 and same is already broken. Break above 10124 is indicating bounce towards 10291-10328 again and 10124-10084 can act as immediate support. We need to check pattern again if Nifty trades below 10084 for more than 15 minutes.

Nifty Outlook with Important Levels for Thursday based on Elliott Wave Analysis

Nifty Outlook and Important Levels for Long Term

Nifty broke major downside breakeven point 8542, so there were cautions for major recession but Nifty broke above major resistance 10027 again. So, we need to concentrate on levels based on the pattern of bounce after low 7511.

Nifty Outlook and Important Levels for Medium and Short Term

10007-9808 is short term support and 9808 is short term downside breakeven point. Nifty is in positive zone for short term as long as trading above 9808. We need to check pattern again if Nifty stay below 9808 for more than 30 minutes.

Nifty Outlook and Important Levels for Intraday

Break above 10124 is indicating bounce towards 10291-10328 again and 10124-10084 can act as immediate support. We need to check pattern again if Nifty trades below 10084 for more than 15 minutes.

Nifty Trading Strategies for 11 Jun 2020

Get These Analysis Report and Nifty and Bank Nifty with Live Market Updated Daily for Life Time FREE

Click Here to know more..

Nifty can be bought in 10124-10084 range with stoploss some points below 10084 expecting bounce towards 10291-10328.

Any other trading opportunity will be updated during live market hours if we identify any.

Further, we will update about the formation of any important internal pattern or any change in trend/pattern/important levels or fresh support/resistance/breakeven point during market hours by WhatsApp Broadcast to all my “Nifty Live Updates” subscribers.

Get These Analysis Report and Nifty and Bank Nifty with Live Market Updated Daily for Life Time FREE

Click Here to know more..

Leave a Reply

Your email address will not be published. Required fields are marked *