In 30min chart nifty is consolidating between support range 11823-11700. Now 11661 level should not be broken if nifty needs to go up.
In daily chart from 7511 wave (1), (2), (3) and (4) is completed at 9039, 8055, 11794 and 10790 respectively and from 10790 wave (5) is started and projection of wave (5) is coming at 12426-13437.
In monthly chart wave completed at 6357, wave completed at 2252, and in wave may be 5th wave is running from 7511. 38% projection of that wave (5) is already achieved but it is below earlier high and 61% is coming at 13598. so wave (5) completion range can be 12428-13598.
Nifty has closed below support range so first 15 min of opening will be very important to watch. Negative only if trades below 11700.
From 11181 we are considering wave (C or 3) so as of now nifty is in positive zone and 11734-11628 is an immediate resistance range. And nifty if trades below 11628 then only negative.
wave (C or 3) started from 11181 is in its wave (v) and achieved its normal projections wheres 100% is coming at 11849.
wave 5 started from 11181 is already trading in its extended zone and 100% projection is at 11696. above 100% projection of wave 5 is a rare case. And if nifty cross 11696 then we will change wave count as under: 10790-11305 wave (a or i) 11305-11181 wave (b or ii) 11181-116** wave (c or iii) is running. If we are right in this count then nifty will decline...
Nifty needs to break below 11441 in quick time if it completed its wave (v) at 11578 and 11383-11181 are immediate targets because extended wave (v) retraces 100% in quick time. But it nifty crosses 11578 without breaking below 11441 then we will consider wave (iii) completed at 11578 and wave (v) started from 11452. Move from 11221-11578 is very sharp and steep...
Wave 5 started from 11181 has achieved its minimum projection. By looking at the internal wave count of wave 5 it seems wave (iii) is completed at 11424 and wave (iv) is completed at 11383 OR still in progress and wave (v) is still pending.
Earlier we have considered wave iii at 11072 but now it seems iii has completed at 11305 and wave iv at 11181 which is almost 23% retracement. And if wave iv is completed at 11181 then projections of wave v is coming at 11377-11499. we were expecting more than 38% retracement because counted five wave completed at 11305 and looking for wave (b or ii) which can...
It's a indecisive Dorji candle today, after a red candle yesterday. On a Bearish trend and lower Highs, this could mean weakening of a bounce back. I would go short with a target of previous pivot - 11610 . Next target would be 10225
Nifty may have completed impulse wave at 11305 and retracement levels are given in chart where 23% is already achieved.
In 30min chart immediate resistance range is coming at 10900-10970. Note:- I am considering internal (i) and (ii) of (3) because expecting bigger decline. if this wave count is wrong then nifty can bounce quickly towards 11260.
As mentioned in 4hour chart nifty already broke 10934 and in negative zone. 11106-10985 is immediate resistance range and positive only if trades above 11106.
In this 45min chart from 11794 its a three wave move as of now and immediate resistance range is coming at 11164-11251 and nifty is positive only above 11251.
Nifty is trading in support range of 11263-10934. But if nifty breaks below 10934 then it may fall towards 10600 in quick time.
Nifty - Technical Analysis: -NSE Nifty 50 index fell for second straight session dragged by weakness in banking, financial services and FMCG shares. -NIFTY was sustaining above 11550 for the first session of the day but witnessed high selling pressure during the last hour and was brought down. -It bounced from the 200SMA in 1hr candles for the second time...