In four hour chart Nifty is looking still negative but in this 30min chart there is a confusion in wave count.
Bounce from 11616-12247 is looks like an impulsive wave so that 12097-11855 can be support range(IF WE FOUND CORRECTIVE DECLINE) AND If decline in this range will be found impulsive then we can see new low below 11616 once again.
(ONLY FOR THOSE WHO CAN...
It seems Bigger wave C started from 12428 and in wave C wave (1) and (2) is completed at 12088 and 12272 respectively and wave (3) of C is started from 12272.
As of now speed of wave (3) is not as per its personality but may be its because of Budget event.
In wave (3) wave (i) and (ii) is also completed at 12095 and 12169 respectively and from 12169 wave (iii) of...
Pattern from low 11625 is also complex. Trading strategy should be sell nifty with strict stop loss of 12001 for the targets given on chart. It can also go below 11625 if bounce from 11625 is wave X2 of Triple zigzag correction.
11724-11780 is an immediate resistance range and overall looking at the pattern of decline our trading strategy must be selling on rise.
If nifty decline straight away from this level then retracement range will be changed according to decline.
Nifty achieved its minimum projection of wave (v) which is 10722. And maximum projection of wave (v) is coming at 10440. so wave (v) of could be completed in 10722-10440 range which is big so lets concentrate on decline from 11181 in lower time frame chart.
Most probably Nifty completed wave (iii) of at 10849 and 11051-11176 is the resistance range. wave (iv) may be completed at 11080 or it may complete in 11051-11176 range. And from there Nifty may decline 430-690 points as wave (v). If nifty breaks 11176 comfortably with sharp bounce then its different wave count.
Nifty breaks 10985 level so now its clear that 10004-12103 move is ABC and from 12103 wave C of irregular correction is started. And in wave C wave (iii) of is completed at 10881 or still running. For wave C 100% and 123% projections are coming at 10347 and 9933 level respectively.
resistance range in daily chart is coming at 11075-11196.
Nifty took support at 11523 which is exactly 38% retracement of wave (C or 3). If nifty completed wave (4) at 11523 then it will go for new life time high as wave (5). and if nifty trades below 11523 then it could be wave C of bigger irregular correction and it can go deep below 10585.
It seems Nifty is in wave 3 of (C or 3) and if 3 completed at 11487 then wave 4 retracement levels are 11313-11206 and for upside 100% and 123% projection of wave (C or 3) is coming at 11566 to 117098 respectively.