Nifty opened lower at 11289 and declined further to register day’s low 11242 but bounced back again to register day’s high 11322 and closed 14 points down at 11308.
Yesterday, overall Nifty was expected to decline towards 11257-11185 range without breaking above 11472 and further outlook could be calculated after reaching 11257-11185 range only. No intraday or short term trade was suggested.
Nifty opened gap down at achieved 11257-11185 range just after opening. Later 11270-11289 was updated as immediate resistance and 11289 was immediate upside breakeven point. Nifty faced resistance in 11270-11189 range for couple of hours and then broke 11289, so 11289-11270 became intraday support later. Now, let’s have a fresh look at latest charts for further scenario.
This Analysis report is covering Elliott Wave Analysis of Nifty on 15 Minutes and 5 Minutes chart only. Refer previous analysis report for Analysis on all time frames. Link to last analysis report is https://www.sweeglu.com/fresh-elliott-wave-counts-on-nifty-charts-for-12-aug-2020/
This is 15 minutes time bar chart of Nifty covering bounce after 10882 which I marked as start of wave (v) on hourly chart. It is very tough to identify inner wave counts within wave (v) but still I tried to mark most probable wave counts, although confidence is low.
It seems wave ,  and  completed till 11224, wave  may be completed from 11224-11130 as very complex type of Irregular Correction and wave  may be in progress.
Wave  already achieved 61% projection placed at 11342 and next 100% projection is placed at 11472 which is a rare case. Nifty can give a small or big decline before breaking higher above 11472 if I am right at counting waves.
Within wave , it seems inner wave [i], [ii], [iii], [iv] is completed and [v] may be in progress. Wave [v] needs to complete above 11373 if I am right at identifying the pattern.
23%-38% retracement of progress of whole wave (v) is placed at 11257-11185 and same can be assumed as immediate support.
Now, let’s have separate look at progress of wave [iv] and [v] of  on lowest possible time frame to calculate immediate/intraday levels.
This is 5 minutes time bar chart of Nifty covering decline after recent high 11373 which I marked as start of wave [iv] on 15 minutes chart.
It seems a (abc) Simple Zigzag correction completed from 11373-11242 and 23%-38% retracement of wave (c) is also broken. 23%-38% retracement of wave (c) is placed at 11270-11289.
Break above 11289 is indicating bounce above 11364-11373 again and 11289-11270 can act as immediate/intraday support. Nifty if breaks below 11270 then we need to check pattern again in next support 11257-11185.
Nifty outlook and Trading strategies for 13 Aug 2020 are for clients only. We post complete analysis report with outlook, important levels and trading strategies on weekends only. On other days, we just post analysed charts with explanation.
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