Nifty Analysis, Outlook and Trading Strategies for 10 August 2020

Elliott Wave Theory analysis of Nifty on 30 Minutes and 5 Minutes chart by Deepak Kumar with Important Levels, Probable Outlook and Trading Strategies for Monday, 10 Aug 2020

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Nifty opened bit lower at 11186, declined further to register low 11142 but bounced back to register day’s high 11231 before closing 13 points up at 11214. Low on chart is 11149 whereas 11142 was just flash low.

Friday, overall Nifty was in positive zone with 11167-11113 as short term support and there was possibility of bounce above 11341 in coming days. Whereas 11165-11150 was intraday support and intraday bounce towards 11226-11256 was possible. Trading strategy was to buy on decline in 11165-11150 range with stoploss some points below 11150.

Nifty entered in intraday as well as short term support/low risk buying range and bounced to achieve intraday upside target range 11226-11256 and closed at 11214.  Now, let’s have a fresh look at latest charts for further scenario.

Table of Contents

This Analysis report is covering Elliott Wave Analysis of Nifty on 30 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/nifty-trading-strategy-for-03-aug-2020-based-on-elliott-wave-analysis/

Nifty Elliott Wave Counts on 30 Minutes Chart

Nifty Elliott Wave Counts on 30 Minutes Chart
Nifty Elliott Wave Counts on 30 Minutes Chart

This is 30 minutes time bar chart of Nifty covering move after 11232 which I am expecting as start of Irregular Correction.

There is possibility of Irregular Correction after 11232 with inner wave [A] completed from 11232-11057, irregular wave [B] completed from 11057-11341 and wave [C] completed from 11341-10882. If this is really an Irregular Correction completed at 10882 then Nifty can bounce sharply above 11341 again.

It is tough to count inner waves of the bounce from 10882-11256 but if Nifty has to bounce above 11341 then 23%-38% retracement of this whole bounce can be assumed as support. 23%-38% retracement of this whole bounce (from 10882-11256) is placed at 11167-11113. Nifty already entered in this support and bounced.

Now, let’s have a separate look at decline after recent high 11256 to check its pattern and to calculate intraday levels.

Nifty Elliott Wave Counts on 5 Minutes Chart

Nifty Elliott Wave Counts on 5 Minutes Chart
Nifty Elliott Wave Counts on 5 Minutes Chart

This is 5 minutes time bar chart of Nifty covering decline after 11256 which I am analysing independently.

The decline from 11225-11064 looks like (abc) corrective wave and this corrective decline is indicating bounce above 11256 again.

From low 11127, pattern is quite tough to understand because of repeated overlapping. This bounce can be either complex upside correction and repeated upside wave (1)s and downside wave (2)s. So personality of this bounce is indicating either a very sharp bounce or a decline below 11127 again.

So, Nifty if break Friday’s high 11232 (even if touched 11234) can result in sharp bounce towards 11300-11341, otherwise any delay in bouncing can result in decline towards 11127 again.

Nifty Outlook and Important Levels for 10 August 2020, Monday

Nifty Outlook and Important Levels for Medium and Short term As on 10 August

10917-10655 is major support and 10655 is short major downside breakeven point. Nifty is in positive zone for short/medium term as long as trading above 10655 and can bounce above 11341 again if hold 10655. Nifty already entered in major support and bounced by more than 350 points.

Nifty if close a complete daily candle below 10655 can result in bigger decline towards 9544-8806 again.

Nifty Outlook and Important Levels Short Term as on 10 August

there is possibility for bounce above 10341 again with 11167-11113 as short term support. We need to check pattern again if Nifty trades below 11113 for more than 15 minutes. Nifty already entered  in this support on Friday and bounced back.

Intraday Nifty Outlook and Important Levels for 10 August 2020

Nifty if break Friday’s high 11232 (even if touched 11234) can result in sharp bounce towards 11300-11341, otherwise any delay in bouncing can result in decline towards 11127 again.

We need to keep all these conditions in mind while deciding next trade.

Nifty Low Risk Trading Strategies for Monday, 10 August 2020

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Short term trading strategy is to Buy Nifty on Dips if get in 11167-11113 range with stoploss just below 11113 expecting bounce above 11341 in coming sessions. Nifty already bounce from 11167-11113 range on Friday.

Intraday trading strategy is to Buy Nifty after break above 11232 (at 11234) with stoploss of 11203 (30 points) expecting bounce towards 11300-11341.

Nifty if opens huge gap up above 11234 or if trades below 11113 then fresh outlook, levels and trading strategy will be updated during live market hours.

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 our “Nifty Live Updates” subscribers.

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