Nifty Outlook and Trading Strategy for 01 April 2020 Weekly Expiry

Nifty Analysis, outlook, important levels and trading strategy for Thursday weekly expiry based on Elliott Wave Theory Analysis by Deepak Kumar

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Nifty opened higher at 8529 and declined back to register day’s low 8358 but bounced back again by about 320 points to register day’s high 8678 and closed 316 points up at 8597.

Yesterday, Nifty was in support 8454-8094 whereas 8384-8471 was immediate resistance and 8471 was immediate upside breakeven point. Trading strategy was to buy Nifty after staying above 8471 for more than 15 minutes with stoploss below 8384 for upside targets 8839-9038.

Nifty broke and traded above 8471 for more than 15 minutes, later entered in support 8471-8384, registered low 8433 and bounced till 8678. Further follow up was also updated. Now, let’s have a fresh look at latest charts for further scenario.

This analysis report is covering bounce after recent low 7511. Earlier wave counts are explained in my last analysis report Elliott Wave Analysis and Outlook of Nifty for 30 Mar 2020 Onward

Table of Contents

Elliott Wave Analysis of Nifty on 15 Minutes Chart

Elliott Wave Counts of Nifty on 15 Minutes Chart

This is 15 minutes time bar chart of Nifty covering bounce after 7511 which I am analyzing independently.

It seems an impulse completed from 7511-9038 and same be marked as wave (a or 1), (abc) declined from 9038-8244 can be marked as wave (b or 2) and wave (c or 3) may be in progress.

I am marking wave (b or 2) completed at 8244 because it entered in normal 38%-61% retracement and 38% retracement of  in wave (c) of (b or 2) is broken.

23%-38% retracement of inner wave (c) of (b or 2) is placed at 8384-8471 and same is already broken. Break above 8471 is indicating bounce towards 8839-9038 whereas 8471-8384 can act as immediate support.

123%-123% projection for wave (c or 3) is placed at 9771-10131. So, Nifty has possibility to bounce towards 9771-10131 if wave (b or 2) is really completed at 8244.

Now, let’s have a separate look at progress of wave (c or 3) on lowest possible time frame to check its pattern.

Elliott Wave Analysis of Nifty on 5 Minutes Chart

Elliott Wave Counts on Nifty on 5 Hourly Chart

This is 5 minutes time bar chart of Nifty covering bounce after 8244 which I marked as start of wave (c or 3) on 15 minutes chart.

It seems wave [a or 1] completed from 8244-8529, wave [b or 2] may be completed from 8529-8358 and wave [c or 3] may be in progress.

23-38% retracement of progress of wave (c or 3) is placed at 8602-8555. So, 8602-8555 is immediate support and 8555 is immediate downside breakeven point.

Nifty is in positive zone for intraday as long as trading above 8555 and has possibility to bounce towards 8839-9038. But Nifty if breaks and stay below 8555 for more than 15 minutes can result in further decline towards next support 8471-8384.

Nifty Outlook and Important Levels for Wednesday, 01 April

8602-8555 is immediate support and 8555 is immediate downside breakeven point. Nifty is in positive zone for intraday as long as trading above 8555 and has possibility to bounce towards 8839-9038.

But Nifty if breaks and stay below 8555 for more than 15 minutes can result in further decline towards next support 8471-8384.

After 8555, 8471-8384 is next immediate support. So, we need to check pattern again if Nifty stay below 8555 for more than 15 minutes. 8555-8384 will be observation zone.

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

Nifty Trading Strategies for 24 Mar 2020

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Nifty is still volatile and fear is there in market. We personally like to trade safe and doing hedged trades only. So, we are just suggesting most probable low risk trading strategies to give ideas, traders who want to take risk or can manage trades can use these levels and conditions to plan their own trade.

Nifty can be bought in 8602-8555 range with stoploss some points below 8555 expecting bounce towards 8839-9038. Same 8555 (some points below 8555) can be used as trailing stoploss for any existing longs.

We need to check pattern again if Nifty trades below 8555 for more than 15 minutes. Further outlook will be calculated after observing pattern in 8555-8384 range.

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.

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